Outlook: Whitbread holed below water line
Wednesday 30 June 1999
Unsolicited, the Office of Fair Trading then put out a statement which said in unambiguous terms that contrary to what Whitbread has been claiming, there are serious regulatory concerns about its offer for the pubs. If Whitbread had been planning to sweeten its terms in an effort to see off Punch, this must surely irreparably have holed the endeavour below the water line.
Consider; Whitbread's share price keeps gently sliding away from it, making the task of launching a credible higher paper offer more and more difficult; on top of this, its own existing offer is now pounds 500m adrift of Punch, a big, big gulf to close; and on top of all that, Allied shareholders are now being asked to run a substantive regulatory risk in accepting the Whitbread offer as well. Just one of these factors in isolation would be hard enough to tackle. All three in combination looks well nigh impossible.
The only factor now standing between the Allied board and recommendation of the Punch offer would seem to be issue of whether subsequent claims against Allied for warrantees should be capped in the same way Whitbread had offered to. But even this is a bit of a non issue since presumably there are no matters Allied directors are aware of which would give rise to such a claim. If there are, then the Whitbread deal must have been a sham all along.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 2 People all over the world are getting semicolon tattoos to draw attention to mental health
- 3 Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
- 4 James Blunt was special guest on the highest-rating Top Gear episode ever
- 5 The biggest first date turnoff has been revealed
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...