Fuller's told to bid for Capital or walk away

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Fuller, Smith & Turner has been given a "put up or shut up" deadline by the City's Takeover Panel to table a formal bid for its Aim-listed rival Capital Pubs Company.

The pubs and brewing group behind the London Pride brand has made a £54m approach for Capital Pubs, which owns 34 free houses in London.

The Takeover Panel yesterday ruled that Fuller's, which owns 362 pubs, had to make a formal offer by 5pm on 1 August or walk away from the company for at least six months.

Capital Pubs has been vociferously opposed to the approach from Fuller's, which it has dismissed as "substantially undervaluing the business and prospects of the company".

However, Capital's shares have remained below the 200p offer price and closed down 1.5p yesterday at 195p. That suggests that many people in the City believe Fuller will succeed.