W&D shares soar on bid battle hope
Shares in Wolverhampton & Dudley, the UK's biggest regional brewer, soared 21 per cent yesterday on hopes of a bid battle after it agreed to discuss a possible offer led by Botts & Company, a private investment vehicle, and Robert Breare, the pubs and leisure entrepreneur. W&D shares closed up 80p at 455p, valuing the Pedigree beer to Pitcher & Piano company at £429m.
Shares in Wolverhampton & Dudley, the UK's biggest regional brewer, soared 21 per cent yesterday on hopes of a bid battle after it agreed to discuss a possible offer led by Botts & Company, a private investment vehicle, and Robert Breare, the pubs and leisure entrepreneur. W&D shares closed up 80p at 455p, valuing the Pedigree beer to Pitcher & Piano company at £429m.
W&D's board is due to meet the Botts-Breare team "as soon as practicable" but a robust defence is expected. Analysts said the management could table a rival bid to take the company private. Ralph Findlay, finance director and chief executive designate, said: "We are still in 'no comment mode'". Other potential suitors include Nomura, Punch Group or a foreign brewer such as Heineken.
Mr Breare confirmed he was interested inW&D's four breweries and its managed estate. But analysts said a takeover could lead to a break-up of W&D.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies