Pubmaster set to win Wolves race

By JIM ARMITAGE
Updated:

 

PUBMASTER is set to trump leisure entrepreneur Robert Breare with a bid of 520p a share for Wolverhampton & Dudley, valuing the brewing and pubs group at £490m.

As both sides put the finishing touches to their bids before today's deadline, a spokeswoman from the Breare side said that it would bid just 500p, no more than it has hinted at over the eight months since it first declared an interest.

'We intend to submit a bid today, in the next hour, for £472m, or 500p a share,' she added.

Pubmaster finance director Ron Turnbull was unable to confirm the level of his anticipated higher offer, but a note of jubilation was detectable. 'We feel very confident about the reception we are going to get from Rothschilds [ Wolves ' adviser],' he said.

Breare has equity backing from venture capitalists Botts & Co while Pubmaster is backed debtwise by Royal Bank of Scotland.

Both offers will be dependent on a recommendation from the Wolverhampton & Dudley board. The directors are due to meet at Rothschilds' London headquarters on Monday. Wolves shares were today 9p higher at 467 1/2p.

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