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Offers submitted for Wolves business
Friday's deadline for Britain's largest regional brewer, Wolverhampton and Dudley, business saw two indicative offers from the privately owned Pubmaster group and entrepreneur Robert Breare's private equity group, Botts and Company. Breare initially expressed an interest of 500p a share in the Wolves as long ago as last August, and has submitted an offer widely expected to be at that level, valuing the company at £472m, £1.1bn including debt. Pubmaster, owner of 2,000 pubs and 40 per cent owned by German bank WestLB, entered the race in January and has made a bid rumoured to be between 505p and 510p per share. Although Pubmaster has not revealed details of its offer, finance director Ron Turnbull says the company is 'confident' that the offer will be well received. Both proposals, however, depend on recommendation at Wolverhampton and Dudley's meeting today before they become official.
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