Eldridge Pope in new takeover speculation

Embattled pub company Eldridge Pope is again at the centre of takeover speculation.

Entrepreneur Michael Cannon bought 1.5 million shares in the company last week, boosting his holding to 22.34% and fuelling speculation about a renewed bid. Cannon failed in a bid for the company last August, garnering only 2% of shareholder support for his 165p-per-share offer. Jersey-based CI Traders also expressed interest.

City regulations stipulate that ownership of 29.9% of a company's shares triggers an automatic takeover bid.

Eldridge Pope declined to comment on the rumours.

The Pope family has a 30% share in the Dorset-based group, which has 174 managed and tenanted pubs in the South of England.

The company described its full-year results as disappointing at its AGM last December.