Shares in Mitchells & Butlers (M&B) climbed slightly yesterday, amid rumours that Joe Lewis was preparing to raise his offer for the managed pub operator to 310p-330p a share, which would value the business at over £3.1bn including debt. Lewis, which owns a 22.8% stake in M&B through his investment vehicle Piedmont had a 230p-per-share approached rebuffed earlier this year and has until 5pm next Monday (17 October) to publicly announce its intention to make an offer for the managed pub company. Shares in M&B closed yesterday up 3.75p at 247p.