Break for the Border fends off pounds 18.46m Read bid
Tuesday 28 September 1999
The UK company yesterday persuaded its major shareholders to back its expansion into Ireland rather than accept Thomas Read's third and final pre-conditional cash offer, which was raised to 55p a share yesterday after Break for the Border's board decided to reject the 50p offer made on Friday. The revised offer was at a premium of 36 per cent to Break for the Border's closing price on Friday.
A Break for the Border spokesman said: "We are victorious. Our institutions saw that a bird in the hand is better than two in the bush." Thomas Read said it would not bid again for the group. A spokesman said: "Hugh O'Regan [the group's major shareholder] is disappointed as he believes that 55p a share was a serious proposal and Break for the Border shareholders should have been given the opportunity to consider our approach in more detail."
Break for the Border delayed its egm, scheduled for 11am yesterday, to consult with its advisers and institutional shareholders on the revised bid; adjourning the egm was a condition of the offer. It is thought that some major shareholders were initially in favour of accepting Thomas Read's takeover proposals. But the meeting was later reconvened and shareholders voted to approve Break for the Border's pounds 14.63m acquisition of six bars and two hotels in Dublin.
Liam O'Dwyer, part-owner of the Dublin outlets, will today become chief executive of the enlarged group. Thomas Read is a private, Dublin-based operator of 20 pubs and the Morrison Hotel. Break for the Border shares closed up 1p at 41.5p yesterday.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Vogue under fire for 'Big Booty' article
- 4 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 5 Kanye West stops concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
The wedding photo from Ground Zero: A shot in the dark
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...