Pubmaster ups bid for Wolves
31 July 2001 by Samantha McClary
British pub group Pubmaster has upped its bid for Wolverhampton & Dudley Breweries (W&D) to 513p a share but the brewer and pub operator has again snubbed the bid.>> Pubmaster said it had received acceptances for the increased offer from almost 17% of shareholders. But W&D insists that the new offer still "significantly undervalues" the group. W&D chairman David Thompson said: "This penny-pinching offer comprehensively ignores the re-rating of the sector and the significantly improved performance of W&D. "The increased offer fundamentally undervalues W&D, and the board continues to advise shareholders to reject it." Pubmaster's chief executive, John Sands, said: "In it's increasingly desperate attempts to remain independent W&D has resorted to a scorched-earth defence which will leave the company over-geared." Pubmaster said it would not extend the offer beyond 12.00 GMT on 13 August. W&D last week forecast pre-tax profits would rise by 17% to £76m for the 52 weeks ending 29 September 2001.
