Inn Business in takeover talks

INN BUSINESS, the tenanted pub chain led by former Whitbread restaurants chief Alan Jackson, yesterday confirmed it had received an approach from rival Enterprise Inns which will be assessed against the other strategic options available to the group.

The statement marks an about-turn by Inn Business, which last week denied that it was in takeover talks. Enterprise Inns, which also confirmed plans to issue pounds 60m by issuing debenture stock yesterday, said there was "no guarantee" that an offer would be made. Shares in Inn Business rose 13.5p to close at 60p while Enterprise Inns' fell 14.5p yesterday to close at 365.5p.