Propel Morning Briefing Mast HeadAccess Banner  
Propel Morning Briefing Mast Head Propel's LinkedIn LinkPaul's Twitter Link Paul's X Link

McCain Banner
Morning Briefing for pub, restaurant and food wervice operators

Wed 1st Feb 2017 - Investment group abandons Punch bid paving way for Heineken takeover
Investment group abandons Punch bid paving way for Heineken takeover: Emerald Investment Partners, set up by former Punch finance director Alan McIntosh in 2012, has confirmed it will not make an offer for Punch. The announcement, made in a brief market update, now clears the way for the £402m Heineken and Patron deal to proceed. Punch said in a statement: “The board of Punch notes the announcement by Emerald that, in accordance with the requirements of the UK City Code on Takeovers and Mergers, it does not intend to make an offer for Punch. The timetable for the recommended offer for Punch by Vine Acquisitions is as announced on 17 January 2017 with the relevant meetings of Punch shareholders on 10 February 2017 and completion is expected in the first half of 2017.” Heineken and Patron Capital, using newco Vine Acquisitions as a bidding vehicle, has agreed a deal with Punch to acquire the entire company and to issue share capital of the company for 180p per share – a deal that values the business at £402.7m. Under the terms of the deal Heineken will acquire from Patron a portfolio of about 1,900 Punch pubs with Patron retaining an additional 1,329 that it will run itself. The offer has already received the support of Punch’s top three shareholders – Glenview Capital, Avenue Capital and Warwick Capital Partners – and of the directors of Punch, who together represent 52.3% of the existing issued ordinary share capital of Punch. Punch is the country’s second-biggest pub group with annual sales of more than £400m. In November it confirmed it had returned to profit after three years of results hampered by debt. Punch’s share price has been fluctuating for much of the day prior to the announcement, reaching 194p at one stage before falling back to 176p, a fall of more than 6% on the day.


Return to Archive Click Here to Return to the Archive Listing
 
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
 
Pernod Mailibu Banner
 
Arla Banner
 
Meaningful Vision Banner
 
Mccain Banner
 
Casula Dining Banner
 
Heineken SmartDispense Banner
 
Contract Furniture Group Banner
 
Pepper Banner
 
Heinz Banner
 
Alcumus Banner
 
Santa Maria Banner
 
Cruzcampo Banner
 
Propel Banner
 
Nutritics Banner
 
Heinz Banner
 
Zonal Banner
 
Access Banner
 
Propel Banner
 
Christie & Co Banner
 
Sideways Banner
 
Kurve Banner
 
CACI Banner
 
Airship – Toggle Banner
 
Wireless Social Banner
 
Payments Managed Banner
 
Deliverect Banner
 
Zonal Banner
 
HGEM Banner
 
Pepper Banner