The deadline for takeover bids for the £2.5bn Spirit pubs group will be November 7.
Punch Taverns and Mitchells & Butlers are favourites to win the race.
They are thought to have been working on a joint approach for several weeks.
A deal would give M&B the top 500 pubs, including the Chef & Brewer chain, while Punch would take the rest of the 2,000-strong estate.
The Mail on Sunday 16/10/05 (Financial Mail) page 5
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