Spurs owner could change M&B offer
Tottenham Hotspur owner Joe Lewis has said he could alter his £941m bid for Birmingham pub group Mitchells & Butlers (M&B) and that it is not a "final bid".
Lewis made the announcement through his investment vehicle, Piedmont, following speculation in the press that his 230 pence per share bid for the business was set in stone.
But today, Piedmont said: "Piedmont wishes to clarify that it has not stated that it will not increase its offer price over 230 pence per M&B share.
"Piedmont reserves the right to increase its offer price above 230 pence per M&B share were an offer to be made and Piedmont also reserves the right to reduce the level of consideration to be paid."
The development comes after M&B said Lewis' initial proposal had been declined as it concluded the offer "significantly undervalued" its worth.
Bahamas-based Lewis currently owns a 23 per cent stake in the business.
