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Punch Chairman says no new proposal yet from Emerald
December 15, 2016 / 4:10 PM / in a year

Punch Chairman says no new proposal yet from Emerald

LONDON (Reuters) - Punch Taverns PUB.L, the UK pub operator that just agreed to a 403 million pounds takeover by Heineken (HEIN.AS) and Patron Capital, has not received a new offer from rival suitor Emerald Investment Partners, its chairman told Reuters on Thursday.

Emerald, founded by the pub group’s former finance director Alan McIntosh, continues to pose questions to Punch, Chairman Stephen Billingham said, but the parties are not in negotiations.

Emerald has proposed a takeover of Punch at 185 pence per share, higher than the accepted 180 pence per share bid, but it remains conditional on Emerald arranging financing and doing due diligence.

Emerald has not commented on its intentions.

Reporting by Martinne Geller in London; Editing by Adrian Croft

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