The Takeover Panel has issued a “put-up-or-shut-up” notice to Robert Tchenguiz with regard to a bid for Mitchells & Butlers, the O’Neills and Bar One group. The edict to make a bid by May 8 or walk away puts the property entrepreneur under increased pressure because he needs to unravel a £1.8bn securitisation to split the pub firm’s property assets from the operating company. Such a move would force Tchenguiz to pay bondholders £260m, which would be equivalent to an extra 50p a share. This would take the total price that some analysts believe he would have to pay to at least 575p a share. Other analysts have put a price on the company of at least 600p a share. They say shareholders are unlikely to accept anything lower although The Daily Telegraph’s sources say such a price would represent a “ridiculous” premium. The Daily Telegraph says Tchenguiz is unlikely to make a firm bid until he has access to the company’s books for due diligence. Tchenguiz’s R20 vehicle owns 418 managed pubs and 450 terraced pubs.Its brands that include Slug & Lettuce, Hogshead and Yates. M&B closed up 4.5p on Friday night at 486p. Financial Times 08/04/06 page 16 The Times 08/04/06 page 56, page 58 (Need to know) The Daily Telegraph 08/04/06 page 29