Pubmaster to sell breweries after W&D takeover

Pubmaster, the privately owned pub chain, will sell the four breweries owned by Wolverhampton & Dudley Breweries if it succeeds with its £453m hostile takeover of Britain's biggest regional brewer.

The pubs group, which yesterday published details of its 480p-a-share offer for the breweries, said it will sell W&D's brewing assets in a "measured and responsible" manner, keeping them open while it finds a buyer.

John Sands, chief executive of Pubmaster, said about the group's reiterated offer: "This is a chance for shareholders to have their say. It's also the first fully funded offer that anybody has made for the company."

Pubmaster said its offer was "generous" and "represented full value", and criticised W&D's management over their rival buyout offer made in April at 460p a share.

Ralph Findlay, the chief executive of W&D, attacked Pubmaster's attempt to compare yesterday's offer with the breweries' share price of 355p before the offer period started, in August.

"It is clear that both the market and the sector have significantly improved since a year ago. Pubmaster is trying to buy [W&D] on the cheap," Mr Findlay said.

Two of W&D's main investors ­ Britannic Asset Management and Tweedy, Browne ­ have criticised Pubmaster's offer as too low. Shareholders have 60 days to decide whether to accept.

Shares in W&D fell 2p yesterday to 476.5p.