Leisure entrepreneur Robert Breare has now submitted his bid for Wolverhampton & Dudley Breweries, according to a report from the Reuters news agency yesterday (Tuesday).

Breare is said to have filed his bid at 500p a share valuing the brewing and pubs group at £472m. But he is also said to want more time to conduct due diligence on the company, which he first made an indicative bid for last August.

W&D shares yesterday rose nearly 4% or 16p to 460p.

Breare, backed by venture capital group Botts & Co and advised by CSFB, has been pitched against a potential management buy-out team headed by managing director David Thompson. It has been working with venture capital group UBS Capital and the Royal Bank of Scotland on its own bid of over 500p a share, but the Reuters report repeated earlier speculation that UBS is on the point of, or may have already, pulled out.

W&D's independent directors are said to have received a number of serious bid proposals for the company ahead of its own imposed April 5 bid deadline issued last week, according to Reuters.

Pubmaster, which was linked to the management team bid but may now want to act on its own, is now said to have expressed interest in the whole group but has not made a formal bid.

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