Takeover panel gives Fuller's till Aug 1

4th Jul 2011 16:45

London-focused pubs owner and brewer Fuller, Smith and Turner has been given until 5pm on 1 August to announce whether it is going to launch a bid for smaller rival, The Capital Pub Company.Fuller's made two approaches to the Capital board earlier this year to discuss a takeover, both of which were knocked back by Capital.Since Fuller's interest in its fast growing metropolitan rival became public the two companies have been engaged in a war of words on a scale which, while it would probably not result in the executives of either company being thrown out of their own pubs, does suggest that any chance of an agreed bid would have to be at a healthy premium to the 195p at which Capital is currently trading.Fuller's second approach to the Capital board was to discuss a 200p per share offer, a number dismissed as "inadequate value for the Capital business" by Capital Pub.In the event that Fuller's announces that it does not intend to make an offer for Capital Pub Company, Fuller's and any person or persons acting in concert with it will, except with the consent of the Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement, the Takeover Panel said.--jh