Break for the Border rejects offer

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The Independent Online
BREAK FOR the Border, the UK bar and restaurants group, yesterday dismissed a preliminary approach from Thomas Read Holdings, the Irish hotels and restaurants operator, calling the minimum cash offer of 45p a share "miserable".

A spokesman for Break for the Border said the bid approach was made "out of pique" as the UK group prepares to expand into the Dublin leisure market, threatening Thomas Read's market share. Break for the Border also expressed doubts as to whether Hugh O'Regan, the head and majority shareholder of Thomas Read, could raise the necessary funds. Thomas Read said yesterday it would be discussing its proposals with some of Break for the Border's institutional investors.

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