Feb 15, 2021

Leading shareholders tighten grip on Mitchells & Butlers

The rich friends who own a majority of pubs group Mitchells & Butlers are tightening their grip on the business without having to launch a takeover offer. The company priced its open offer at a 210p per share, a 36 per cent discount to Friday's closing price. Odyzean has been excused by the Takeover Panel from the rule that concert parties carrying 30 per cent or more of the voting rights of a company have to make a mandatory bid, said M&B. In 2010 the Panel found no evidence to support allegations M&B's main shareholders were working as a concert party in support of Lewis's attempted boardroom coup. LVMH founder Bernard Arnault and former UniCredit chief Jean Pierre Mustier are creating a special purpose acquisition vehicle to invest in European financial companies. Are you a working parent? The FT is conducting a survey to find out more about how the pandemic has impacted working parents.

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