Eldridge Pope rejected an offer from CI Traders that the pub group failed to disclose to shareholders, reports The Sunday Times.
But The Sunday Telegraph says the owner of the Blubecker restaurant chain only held informal talks last week and is drawing up plans to make a formal bid.
The Sunday Times say the Channel Islands-based company, which owns the Ann Street Brewery approached Eldridge chairman Christopher Pope with a takeover proposal valuing the company at about £44m, 10p a share higher than Friday's close.
The news comes as the 175-strong pub group fights to stop Michael Cannon's 165p share offer to acquire a 29.99% stake to add to his 10.68% holding.
The Sunday Times says the company might look for a white knight. The Sunday Telegraph says CI Trraders is aiming to be that white knight bidder to see off Cannon.
Susan Barratt, Eldridge Pope chief executive, admits in the Mail on Sunday that the company might not survive in its present form. She says once performance is back on track, options include a trade sale, taking the company private, an acquisition or a merger.
Eldridge Pope is expected to announce the sale of 29 “sub-scale” or loss-making pubs next week, says the The Daily Telegraph.
Barratt, just two months into her new job as chief executive, could have a tough job convincing shareholders to eject Cannon and there could well be rival bidders who try their luck, says The Telegraph. She tells the paper that the business will not be expanding or be particularly aggressive over the next year. “We have to get back to basics and prove that we can run the pubs we have got.”
She says the company needs to train its staff better and make sure customers get what they want “rather than the cheapest thing we can buy from the markets”.
Shareholders have until Thursday to accept Michael Cannon’s 165p a share offer to take his take in the company to 29.9%.
The Sunday Times 24/08/03 page 1 (Business)
The Sunday Telegraph 24/08/03 page 4 (Business)
Financial Mail on Sunday 24/08/03 page 7
The Daily Telegraph 23/08/03 page 34
But The Sunday Telegraph says the owner of the Blubecker restaurant chain only held informal talks last week and is drawing up plans to make a formal bid.
The Sunday Times say the Channel Islands-based company, which owns the Ann Street Brewery approached Eldridge chairman Christopher Pope with a takeover proposal valuing the company at about £44m, 10p a share higher than Friday's close.
The news comes as the 175-strong pub group fights to stop Michael Cannon's 165p share offer to acquire a 29.99% stake to add to his 10.68% holding.
The Sunday Times says the company might look for a white knight. The Sunday Telegraph says CI Trraders is aiming to be that white knight bidder to see off Cannon.
Susan Barratt, Eldridge Pope chief executive, admits in the Mail on Sunday that the company might not survive in its present form. She says once performance is back on track, options include a trade sale, taking the company private, an acquisition or a merger.
Eldridge Pope is expected to announce the sale of 29 “sub-scale” or loss-making pubs next week, says the The Daily Telegraph.
Barratt, just two months into her new job as chief executive, could have a tough job convincing shareholders to eject Cannon and there could well be rival bidders who try their luck, says The Telegraph. She tells the paper that the business will not be expanding or be particularly aggressive over the next year. “We have to get back to basics and prove that we can run the pubs we have got.”
She says the company needs to train its staff better and make sure customers get what they want “rather than the cheapest thing we can buy from the markets”.
Shareholders have until Thursday to accept Michael Cannon’s 165p a share offer to take his take in the company to 29.9%.
The Sunday Times 24/08/03 page 1 (Business)
The Sunday Telegraph 24/08/03 page 4 (Business)
Financial Mail on Sunday 24/08/03 page 7
The Daily Telegraph 23/08/03 page 34
