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Day of reckoning for S&N bidders

Offers for the Scottish & Newcastle (S&N) estate are due in by noon today.

The various reports say anything from half a dozen to at least nine contenders could submit first round bids for the property, valued at £2.3bn.

Mitchells & Butlers (M&B), CVC and Cinven, Spirit, Pubmaster and Laurel Pub Company are said to be among those in the frame.

Whitbread could try for the Premier Lodge hotels, included in the package if one of the initial bidders decides to sell on assets, according to one report. Another says Whitbread is planning to be among the first-round bidders.

S&N will whittle the list down to three or four for the second round.

The Guardian’s Market Forces column repeats vague rumours that M&B has been priced out.

References: Financial Times 23/07/03 page 21, page 42 (FT Markets – London), The Times 23/07/03 page 21, The Guardian 23/07/03 page 14, page 18 (Market forces)

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