Quick march

4 May 2006 By Simon Nixon

The entrepreneur has corralled together the financing to stick a preconditional 550p offer on the table for the pubs group. But it doesn’t look good enough. And he’s only got until Monday to bearhug a reluctant M&B into talks.

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Robert Tchenguiz, the property entrepreneur, has made a conditional offer of 550p a share for Mitchells & Butlers. The offer was promptly rejected by the M&B board, which said that the bid fundamentally fails to recognize the value and prospects of the company.

He is bidding as part of a consortium that includes Apax Partners, Bank of Scotland and Och Ziff. Debt financing is being provided by Deutsche Bank and Royal Bank of Scotland. Deutsche Bank is also acting as financial adviser to the consortium.

The Takeover Panel has given Tchenguiz a deadline of the 8th May to put up or shut up.

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