Whitbread and Punch fight on for Allied
01 January 2000
The battle between Whitbread and Punch Taverns over 3,500 Allied Domecq pubs will reach the final round on Friday 23 July, when Allied shareholders vote for their favoured buyer in a second extraordinary general meeting this month.
Punch last Friday extended its second bid of £2.9m, which had expired, and it planned to submit its formal offer yesterday (14 July) to Allied's 60,000 shareholders.
However, the Allied Domecq board continues to favour Whitbread's restructured share and cash offer of £2.85b, plus a £190m saving through pooled resources. Whitbread sent its revised offer to Allied shareholders on Saturday.
