Emerald Says it Won't Make an Offer for Punch
02 February 2017 - 1:53AM
Dow Jones News
By Razak Musah Baba
LONDON--Emerald Investment Partners Ltd., said Wednesday it
doesn't intend to make an offer for Punch Taverns PLC (PUB.LN).
Late last year pubs operator Punch said it has received two
separate acquisition offers from private equity firms. Punch
received a 174 pence a share proposal from Patron Capital Advisers
LLP and a separate 185 pence per share offer from Emerald.
Patron and Emerald had until Jan. 11 to announce a firm offer
for Punch under the U.K. takeover rules.
Punch later agreed to a 180 pence a share offer from Heineken
N.V. (HEIA.AE) and Patron in a deal that valued the pub chain at
402.7 million pounds ($503.8 million). Patron said the offer, which
has the support of shareholders owning 52.3% of Punch's issued
share capital, is final and won't be increased.
"While the board didn't solicit this offer for the company, we
believe this is a good outcome for shareholders as the offer
provides cash certainty at a significant premium," Punch Chairman
Stephen Billingham said in December.
Emerald confirmed Wednesday it doesn't intend to make an offer
for Punch.
Responding to Emerald's announcement, Punch said Wednesday the
recommended offer by Heineken and Patron is expected to complete in
the first half of 2017.
Punch shares at 1350 GMT were down 12 pence, or 6.4%, at 176
pence, valuing the company at GBP390.6 million.
--Ian Walker contributed to this article.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
February 01, 2017 09:38 ET (14:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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