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Regent pulls out of Urbium bid
Regent Inns has announced that it no longer intends to pursue its acquisition plans for pub operator Urbium, following the company’s rejection of Regent’s third offer of 975p per share on 12 July.
Bob Ivell, executive chair of Regent Inns, said: “I regret the decision by the Urbium board not to co-operate with Regent Inns’ proposal, which I believe would have increased value for both groups of shareholders. However, we are not prepared to overpay.”
The decision will prevent Regent from announcing an offer or possible offer for Urbium within the next six months (under Rule 2.8 of the City Code on Takeovers and Mergers).
However, Regent reserves the right to make such an offer with the agreement or recommendation of Urbium, in the event of an offer by a third party or in the case of a reverse takeover by Urbium. Details: www.regentinns.co.uk
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