Punch Taverns has bid for Allied Domecq’s pubs and off-licences.
Although the offer trumps Whitbread’s £2.42bn bid, the brewer has an exclusivity agreement with Allied. The spirits group has said it would only consider a rival offer if it matched Whitbread’s on price, timetable, financing and conditionality.
The Office of Fair Trading is due to rule on 14 July on Whitbread’s offer for Allied’s pubs. Whitbread has warned it will ask the OFT to investigate the Punch bid following the company’s tie-up last week with Bass.
Financial Times 23/06/99 page 25
The Daily Telegraph 23/06/99 page 27
The Guardian 32/06/99 page 19
The Times 23/06/99 page 23
The Independent 23/06/99 page 19
