- Listed: April 1, 2011 11:23 am
With the proposed demerger of Punch Taverns, could Mitchells & Butlers make a £500m bid for the Spirit managed house division? Punch chief executive Ian Dyson wants to separate Spirit from the struggling Punch tenanted pubs to help reduce debt, but could run into trouble with the company’s bondholders. But if the split does go ahead as planned this autumn, Nigel Parsons of Evolution Securities suggested M&B could profitably offer £500m, or 80p a share, for Spirit. This allows for £120m of cash to be passed from the PLC into the demerged vehicle. Parsons said: M&B has £200m on the balance sheet and we believe that it could raise the extra £300m through retaining (renegotiating)…
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