M&B offer deadline set for Tottenham owner
Tottenham Hotspur owner Joe Lewis has been given a deadline to put forward a firm bid for Birmingham pub group Mitchells & Butlers (M&B).
Lewis has made announcements through his investment vehicle Piedmont this week that he intends to offer 230 pence per share for the company, making the bid worth £941m. Piedmont already owns 22.8 per cent of the business.
And yesterday, Lewis said he could be open to offering more. The development came after M&B said Lewis' initial proposal "significantly undervalued" its worth.
Now, M&B said Lewis has until 5pm on 17 October to "announce publicly a firm intention to make an offer for the company".
Otherwise, M&B said Piedmont should "confirm publicly that it is no longer contemplating such an offer".
M&B owns and operates around 1,600 pubs and bars in the U.K, including chains Harvester, Toby Carvery, All Bar One and O'Neills.
