Other potential offers for Six Continents’(6C) Mitchell & Butlers (M&B) pubs and restaurants division are expected to be flushed out when BC Partners announces to the London Stock Exchange on Monday that it is still willing to take part in the auction for the outlets.
The Laurel Pub Company, CVC Capital Partners and Guy Hands, could be among interested parties.
BC Partners, which is working with Martin Grand, former head of Swallow Group and Royal Bank of Scotland, will argue its indicative £2.8bn offer last week, which 6C rejected, is fair value and that M&B’s plan to return cash to shareholders by refinancing its estate, is not in the division’s best interests.
Financial Mail on Sunday says Laurel is lining up a £3bn bid for the 2,000 pubs and restaurants. It is said to have hired NM Rothschild to advise on an approach. It is said to be keen to put a bid on the table before 6C demerges.
6C is determined to press ahead with demerger on April 14 but this could be delayed if shareholders call for more time to consider new bids.
CVC is considering a £500m bid for Britvic, which 6C controls. RHM is also thought to be stalking the soft drinks business.
Midas in Financial Mail on Sunday recommends holding on to 6C shares, believing there could be more profits for shareholders in store.
The Business 30/03/03 page 4
The Observer 30/03/03 page 2 (Business & Media)
Financial Mail on Sunday 30/03/03 page 2, page 10
The Laurel Pub Company, CVC Capital Partners and Guy Hands, could be among interested parties.
BC Partners, which is working with Martin Grand, former head of Swallow Group and Royal Bank of Scotland, will argue its indicative £2.8bn offer last week, which 6C rejected, is fair value and that M&B’s plan to return cash to shareholders by refinancing its estate, is not in the division’s best interests.
Financial Mail on Sunday says Laurel is lining up a £3bn bid for the 2,000 pubs and restaurants. It is said to have hired NM Rothschild to advise on an approach. It is said to be keen to put a bid on the table before 6C demerges.
6C is determined to press ahead with demerger on April 14 but this could be delayed if shareholders call for more time to consider new bids.
CVC is considering a £500m bid for Britvic, which 6C controls. RHM is also thought to be stalking the soft drinks business.
Midas in Financial Mail on Sunday recommends holding on to 6C shares, believing there could be more profits for shareholders in store.
The Business 30/03/03 page 4
The Observer 30/03/03 page 2 (Business & Media)
Financial Mail on Sunday 30/03/03 page 2, page 10
