Fuller told to make offer for Capital or walk away

Fuller, Smith and Turner has been given a "put up or shut up" deadline by the City's Takeover Panel to table a formal bid for its Alternative Investment Market-listed rival Capital Pubs Company.

The pubs and brewing group behind London Pride has made a £54m approach for Capital Pubs, which owns 34 free houses in London.

The Takeover Panel yesterday ruled that Fuller, which owns 362 pubs, had to make a formal offer by 5pm on Monday 1 August or walk away from the company for at least six months. Capital Pubs has been vociferously opposed to the approach from Fuller's, which it has dismissed as "substantially undervaluing the business and prospects of the company".