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You can find the current article at its original source at https://www.theguardian.com/business/2016/dec/15/punch-taverns-heineken-pubs-patron-capital
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| Punch Taverns agrees takeover bid from Heineken and partner | Punch Taverns agrees takeover bid from Heineken and partner |
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| Heineken has given the UK economy a vote of confidence following the EU referendum by agreeing to buy almost 2,000 British pubs. | Heineken has given the UK economy a vote of confidence following the EU referendum by agreeing to buy almost 2,000 British pubs. |
| The Dutch company and investment firm Patron Capital have won a £400m battle to take over Punch Taverns, which has more than 3,500 pubs across the UK. | The Dutch company and investment firm Patron Capital have won a £400m battle to take over Punch Taverns, which has more than 3,500 pubs across the UK. |
| Heineken and Patron, whose bid vehicle is called Vine Acquisitions, has agreed a deal with the board of Punch to buy the company for 180p per share, or £403m. The companies will split the pubs between them. | Heineken and Patron, whose bid vehicle is called Vine Acquisitions, has agreed a deal with the board of Punch to buy the company for 180p per share, or £403m. The companies will split the pubs between them. |
| The UK boss of Heineken described the deal as a “huge vote of confidence in the ‘Great British pub’”. | The UK boss of Heineken described the deal as a “huge vote of confidence in the ‘Great British pub’”. |
| The commitment to the UK from Heineken comes after Nissan, Apple and Google also pledged to invest in the country despite the uncertainty caused by the Brexit vote. | The commitment to the UK from Heineken comes after Nissan, Apple and Google also pledged to invest in the country despite the uncertainty caused by the Brexit vote. |
| Under the terms of the proposal, Heineken would buy a portfolio of about 1,900 pubs from Vine, which is controlled by Patron, on completion of the deal. This would leave Patron with the remainder. Heineken will pay £305m for the pubs. | |
| Vine has seen off competition from Alan McIntosh, one of the founders of Punch, who approached the pub company about a deal worth 185p a share, although this was conditional on securing funding. | Vine has seen off competition from Alan McIntosh, one of the founders of Punch, who approached the pub company about a deal worth 185p a share, although this was conditional on securing funding. |
| The offer from Vine has been recommended by the board of Punch and is also being supported by its biggest shareholders – Glenview Capital, Avenue Capital and Warwick Capital. This means that shareholders representing 52.3% of Punch, including the directors, are backing the deal. | The offer from Vine has been recommended by the board of Punch and is also being supported by its biggest shareholders – Glenview Capital, Avenue Capital and Warwick Capital. This means that shareholders representing 52.3% of Punch, including the directors, are backing the deal. |
| David Forde, the managing director of Heineken UK, said: “Today’s announcement is a huge vote of confidence in the ‘Great British pub’. Our proven track record of success demonstrates that well-invested and well-run pubs in the leased and tenanted sector can thrive. | David Forde, the managing director of Heineken UK, said: “Today’s announcement is a huge vote of confidence in the ‘Great British pub’. Our proven track record of success demonstrates that well-invested and well-run pubs in the leased and tenanted sector can thrive. |
| “Today’s development is good news for pubgoers across the UK who will see the benefit of better pubs in their communities. We look forward to welcoming new licensees into Star Pubs & Bars, and to working with them to grow their businesses.” | “Today’s development is good news for pubgoers across the UK who will see the benefit of better pubs in their communities. We look forward to welcoming new licensees into Star Pubs & Bars, and to working with them to grow their businesses.” |
| Stephen Billingham, the chairman of Punch, said the company did not solicit this offer but that it was a “good outcome for shareholders as the offer provides cash certainty at a significant premium”. | Stephen Billingham, the chairman of Punch, said the company did not solicit this offer but that it was a “good outcome for shareholders as the offer provides cash certainty at a significant premium”. |
| The offer of 180p per share is 40% higher than Punch’s closing share price on 13 December, the day before the bid emerged. Shares in Punch jumped 8% to 191p, suggesting some in the market believe the bid battle may not be over. | The offer of 180p per share is 40% higher than Punch’s closing share price on 13 December, the day before the bid emerged. Shares in Punch jumped 8% to 191p, suggesting some in the market believe the bid battle may not be over. |