Britain’s Takeover Panel has rejected a claim by pubs group Mitchells & Butlers that its biggest shareholders were trying to seize control of the company, saying no rules had been broken.
M&B, the owner of Harvester and All Bar One, has been involved in a public spat with activist shareholder Joe Lewis, who holds a 23 per cent stake in the company through his Piedmont investment vehicle.
M&B had asked the panel to rule whether Piedmont and other shareholders were colluding in an attempt to take control of its board.
It highlighted the combined influence of Piedmont and Elpida, the investment vehicle of Irish horseracing magnates JP McManus and John Magnier, which holds 17.6 per cent. Together the two groups hold more than 40 per cent.
The panel said yesterday it had found no agreement or understanding had been reached between those shareholders to act in concert and no breach of the City Code on takeover and mergers had occurred prior to the last share purchase by any related party on October 15th. MB “reluctantly accepts” the panel’s position.
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