The 224p nil-premium offer was made through Mr Lewis’s Piedmont investment vehicle in late August, when the shares were trading at a 17-month low, but was rebuffed by Mitchells & Butlers (M&B) board.<\/p>\n
Piedmont, which is the pubs group’s biggest shareholder with a 22.8pc holding, said it might return with a 230p-a-share offer, but that proposal was rejected on Monday night. M&B’s board claimed it “significantly undervalues the company”.<\/p>\n
The putative offer would be a discount to Monday night’s price. M&B shares closed up 15\u00bd at 235.6p on speculation of a looming bid before the announcement from Piedmont.<\/p>\n
At 230p the offer would be valued at just a 4.5pc premium to M&B’s closing price on Friday, sparking accusations that Mr Lewis is attempting to acquire the embattled pub company on the cheap.<\/p>\n","protected":false},"excerpt":{"rendered":"
Joe Lewis, the Bahamas-based billionaire, has launched an audacious low-ball takeover offer for pubs group Mitchells & Butlers.<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[153,134],"class_list":["post-11822","post","type-post","status-publish","format-standard","hentry","category-business","tag-business-2","tag-money"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/11822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=11822"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/11822\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=11822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=11822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=11822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}