Property investor Robert Tchenguiz has thrown in the towel in his high-profile battle to take over managed pub operator Mitchells & Butlers (M&B).
In a statement today Tchenguiz's company R20, on behalf of a consortium of investors, said it would drop its bid to win control of M&B.
Tchenguiz's ambition to combine the 2,000-strong estate with his Laurel Pub Company business suffered a blow last week (3 May) when M&B's board of directors rejected a cash offer worth 550p per share.
R20 and its backers will now not be able to launch a new move for the pub company within the next six months.
M&B said it would continue to pursue its existing financial and operational strategy, which has seen it become a food-led operation.
In a statement M&B said: "The board believes that the company has excellent prospects for organic growth and is well placed to take advantage of consolidation opportunities."
The company has revealed its interest in acquiring 250 Beefeater and Brewers Fayre pub-restaurants put on the market by owner Whitbread.
- R20 is one of the short-listed companies along with Wolverhampton & Dudley Breweries and Alchemy Partners in the £500m auction of 290 former Punch Pubs, according to The Times newspaper.
By Chris Druce