Allied Domecq has sent a circular to shareholders outlining the sale of 3,500 pubs to Punch Taverns for £2.75bn.
Allied said no rival formal offers had been made. Shareholders will vote on the deal on August 23.
Meanwhile, Bass has detailed plans to spend £240m converting the 600 pubs it is buying for nearly £1bn as part of the Punch deal.
The Daily Telegraph 03/08/99 page 23
The Independent 03/08/99 page 11
The Guardian 03/08/99 page 21
