Mitchells & Butlers has rejected a 230p-a-share bid from shareholder Joe Lewis’s investment vehicle Piedmont.
Directors at the pub and restaurant chain, advised by UBS Investment Bank, said that the offer “significantly undervalues the company”.
The offer was a 2.4% discount on the firm’s share price at the close of market trading on the London Stock Exchange on 12 September.
The rejected bid comes after M&B said no to a 224p-a share offer submitted by Piedmont on 27 August.
Piedmont is currently a 22.8% shareholder in the business.
joanna.bourke@estatesgazette.com
