Punch Tavern gets two takeover approaches

Dec 14 (Reuters) - Punch Taverns Plc, Britain’s second largest pub operator by number of pubs, said on Wednesday that it received two takeover approaches, including one from Heineken.

Punch Tavern said it received a proposal from Patron Capital Advisers on behalf of Heineken for 174 pence per share. It also received an approach from Emerald Investment Partners Limited about a 185 pence per share offer for the company.

According to Reuters calculation, Heineken’s offer values Punch’s share equity at 386 million pounds ($488.83 million), and Emerald’s offer values it at 410 million pounds.

Shares in Punch were up 36 percent at 175 pence at 1212 GMT on the London Stock Exchange. ($1 = 0.7896 pounds) (Reporting by Rahul B in Bengaluru; Editing by Adrian Croft)


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