'Punch's shares offer for M&B is worth less than the group's pub freeholds'

Punch Taverns is seeking to win control of rival pub group Mitchells & Butlers through an £11bn merger proposal that offers M&B investors shares worth less than the value of its freehold properties. The proposal, which includes a £175m cash sweetener, comes four months after M&B said that - despite a failed property joint venture last summer - its real estate was worth £5bn.- The Guardian​

Shares in troubled pubs company Mitchells & Butlers jumped yesterday as the City bet on a takeover battle for the owner of the Harvester and O'Neill's chains. M&B, which also owns All Bar One, Browns and Toby Carvery, admitted to an approach from rival Punch Taverns about an £11billion merger- The Mirror​

Punch Taverns yesterday launched its campaign to merge with Mitchells & Butlers, saying its proposal offered "value, speed and deliverability". A deal would create the UK's largest pub operator with a value of £11bn ($21.7bn), including debt. Under Punch's proposal, shareholders of each company would receive half the shares in the combined, company. M&B shareholders would also receive £175m in cash, equating to 43p a share. The merged company would have a value of £11bn, including debt- Financial times​

Police fear a bootleg booze seller is targeting teenagers after a sharp rise in the numbers admitted to hospital with alcohol poisoning. In all, 172 children aged 12 to 16 have needed medical treatment since 2004. Officers think a rogue trader is selling cut-price drink out of the back of a car in Plymouth, Devon - The Mirror​

The price of a bottle of wine could rise by 50p this year due to rising costs of glass, grapes and shipping, the Wine and Spirit Trade Association warned on Monday as it called for a tax freeze in this year's Budget- Financial Times​