Robert Tchenguiz is looking for a replacement for Goldman Sachs to help finance his R20 investment vehicle's proposed £4.6bn takeover of Mitchells & Butlers (M&B). M&B disputed R20's claim that it made an all-cash 550p-a-share approach on Tuesday night because it would only consider a “formal written proposal” and it did not consider an approach by any other means to be formal. R20 could ask existing lenders to put up more debt after Goldman Sachs walked away. It is under pressure to make its move with the Takeover Panel-imposed deadline of May 8 looming. Traders believe shareholders will force M&B to open its books to Tchenguiz. Financial Times 15/04/06 page 12 (Lex), page 14, page 32 (FT Markets Week - London)