Wolverhampton & Dudley Breweries says it plans to make a 430p a share offer for Jennings, valuing the Cumbria-based pub operator at £46m excluding debt.
Jennings has 128 leased and tenanted pubs in the North. Wolves said it was a complementary fit and it would not close down its target’s Cockermouth brewery.
Wolves hopes to agree a formal offer by April 27 when Jennings is due to release its annual results. It remains interested in other acquisitions. Belhaven Group and Hardys & Hanson are the sector’s most likely remaining candidates for consolidation.
References: Financial Times 12/04/05 page 24, page 46 (FT Markets – London), The Guardian 12/04/05 page 18, The Times 12/04/05 page 38 (Need to know), page 41, page 51 (Smaller Capitalisation Shares, The Day’s Bi
