Thomas Read Holdings, the pubs and hotels group run by Dublin entrepreneur Mr Hugh O'Regan, has upped the ante in its bid to acquire the Break for the Border Group with an increase in its offer from 45p to 50p sterling per share.

The increased offer values Break for the Border at £16.8 million sterling, but as with the previous offer it is conditional on next Monday's extraordinary general meeting to approve Break's takeover of the O'Brien pub interests in Dublin being postponed. It is also subject due to a full diligence on Break for the Border by Thomas Read and its bankers.

Mr O'Regan spent yesterday meeting some of Break for the Border's institutional shareholders. "We have been very encouraged by the responses of institutional shareholders to our proposals," said Mr O'Regan. The announcement of the increased offer came shortly before the market closed last night and came too late to have any impact on Break for the Border shares. The shares closed 3p lower on 40 1/2p sterling, 19 per cent below Thomas Read's conditional offer.

The 50p offer price is a 38.8 per cent premium on Break for the Border's share price before Thomas Read first announced its conditional offer, and has apparently been raised after Mr O'Regan's meeting with institutional shareholders. One source said that the institutions were interested in Mr O'Regan's proposal but made it clear that 45p a share was not enough.

Mr O'Regan, whose Thomas Read group runs some of Dublin's trendiest bars and hotels including The Bailey, Pravda and the Morrison, is attempting to scupper the planned deal between Break for the Border and the O'Brien brothers.

This deal, which is the subject of next Monday's e.g.m. would see the O'Briens sell six pubs and hotels - also among the trendiest in Dublin - to Break for the Border for £14.6 million in cash and Break for the Border shares. If this is approved, the O'Brien brothers, Liam and Des, would end up with 46 per cent of Break for the Border shares.