Pub entrepreneur Michael Cannon has fallen short of his target of acquiring 29.9 per cent of Dorset pubco Eldridge Pope (EP).
Mr Cannon's takeover company SDA was scuppered after Jersey-based CI Traders confirmed that it has been invited into takeover talks by EP. Although no offer is imminent, the revelation that the struggling pub operator has another potential suitor was enough to push EP shares above SDA's 165p-a-share offer.
As a result, SDA has received acceptances for shares amounting to an additional 2.18 per cent of EP shares. That brings the total controlled by Mr Cannon to 12.85 per cent.
EP had advised shareholders to reject the SDA approach, which it described as "opportunistic." A 29.9 per cent holding would have put Mr Cannon just under the level at which he would be obliged to mount a fill scale bid.
Related articles:
CI Traders linked to Eldridge Pope (26 August 2003)
Eldridge Pope advises against Cannon's move (18 August 2003)
Cannon raises the Eldridge Pope stakes (7 August 2003)
Eldridge Pope replaces chief executive (26 June 2003)
Michael Cannon stalking Eldridge Pope (24 June 2003)