Date fixed for Fuller bid
FULLER, Smith & Turner, the pubs group and London Pride brewer, was yesterday ordered to “put up or shut up” over its £54million bid for smaller rival, Capital Pub Company.
The Takeover Panel yesterday set a deadline of 5pm on Monday, August 1, for Fuller to either announce a firm bid or walk away. The company went public on a 200p a share indicative offer last month, only to be rebuffed by Capital.
Capital believes Fuller is trying to take over a growing business on the cheap and has refused to enter talks. In a statement yesterday, Capital said it continued to believe the indicative offer substantially undervalues the business and its prospects. It has 34 pubs but plans to expand by a further 11 to 16 over the next two years. Capital shares fell 1½p to 197½p.
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Capital believes Fuller is trying to take over a growing business on the cheap and has refused to enter talks
Fuller declined to comment. It is believed it hopes the order will focus the minds of Capital’s investors and prompt them to urge the company to open talks.
It has said Capital will need to tap shareholders to fund its growth and has warned the aggressive growth plans could hit the quality of the firm’s pubs.
