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BRIEF-Patron Capital makes c.403 mln stg offers for Punch Taverns
December 15, 2016 / 1:24 PM / a year ago

BRIEF-Patron Capital makes c.403 mln stg offers for Punch Taverns

Dec 15 (Reuters) - Patron Capital‘’s Vine acquisition ltd

* Offer for Punch Taverns Plc

* Announces recommended final cash offer for Punch Taverns Plc and associated disposal of Punch A group

* Offer has received support of Punch’s top three shareholders and Punch directors, representing in c.52.3 percent share capital

* Under offer, each Punch shareholder shall be entitled to receive for each Punch share held 180 pence in cash

* Offer values entire issued and to be issued ordinary share capital of Punch at approximately 402.7 million stg.

* Offer will be effected by way of a court-sanctioned scheme of arrangement of Punch under part 26 of 2006 act.

* Offer implies an enterprise value of 1,775.6 million stg

* Bidco will fund part of aggregate offer consideration using disposal proceeds

* Punch directors consider terms of offer to be fair and reasonable Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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