Amsterdam-based brewer Heineken has succeeded in acquiring British public house group Punch Taverns, the Financieele Dagblad said on Friday.
In the end, Heineken and its partner Patron Capital sweetened its bid to 180 pence per share, higher than its original offer of 174 pence per share but lower than that of rival bidder Emerald Investment Partners which was willing to pay 185 pence per share.
But Emerald lacked the necessary financial backing and Heineken had the support of three major Punch shareholders, the paper said.
Heineken will acquire 1,900 of Punch’s 3,300 pubs, paying €360m for its share of the pub estate. Through the transaction, Heineken will control about 6% of the British pub market and emerge as the UK’s third-largest pub operator, after Greene King and Enterprise Inns, the Financial Times added.
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