Punch gets tax clearance for pounds 2.7bn Allied bid
Saturday 26 June 1999
Punch claimed that the tax clearance for its bid - which is backed by the pub and hotels giant Bass - is a blow for Whitbread's all-share offer. The leisure giant had argued that tax charges would slash the value of the Punch offer and urged investors to accept its own pounds 2.38bn bid, which has been recommended by the Allied board.
The news comes six days before Allied shareholders are due to vote on the Whitbread offer at an egm. Punch yesterday launched a pounds 1m publicity blitz, calling for the vote to be delayed until Whitbread has clearance from the Office of Fair Trading.
Whitbread needs a 75 per cent majority to separate the Allied pubs from its drinks business and at least 50 per cent of the votes to take over the estate.
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 2 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 3 Reading Festival 2014: Tesco branch replaces salad with Jager and potatoes for vodka as campsite opens tomorrow
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Celebrity Big Brother 2014: Audley Harrison meets Kellie Maloney: 'Was Kellie really the best you could come up with?'
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...