Takeover Panel finds no evidence of bid to seize control by M&B investors

15 January 2010 by
Takeover Panel finds no evidence of bid to seize control by M&B investors

Pub operator Mitchells & Butlers (M&B) has "reluctantly" accepted a ruling from the City's takeovers watchdog that it found no evidence that investors had acted in concert in a bid to seize control of the company.

M&B complained to the Takeovers Panel in November last year that unnamed shareholders "have been seeking to gain control of the board and of the company to advance the interests of a small group of shareholders at the expense of others".

In a statement issued today, M&B said : "The Panel has concluded that, prior to 15 October 2009, the time when the last relevant purchase of shares was made, no agreement or understanding was reached between certain shareholders to act in concert for the purposes of the Code and, accordingly, that no breach of the Code has occurred."

"The Company reluctantly accepts the Takeover Panel's position. It however continues firmly to believe that certain shareholders are using their rights in a manner which may have an adverse effect on control of the Company."

M&B has now asked the Takeover Panel to investigate the suggestion that "control-seeking behaviour" may have taken place since 15 October.

Unrest continues between pub operator Mitchells & Butler and investor >>
Mitchells & Butlers accepts two of four board nominations from rebel shareholders >>

M&B holds crisis talks with shareholders ahead of AGM >> By Neil Gerrard

E-mail your comments to Neil Gerrard here.

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