Enterprise Inns now bought by Stonegate Pub Company
• EI Group has this morning confirmed Bloomberg reports that TDR Capital, which owns the Stonegate Pub Co amongst other investments is to make an agreed bid for the company.
• The deal is at 285p in cash. See Premium Email.
STONEGATE AND EI GROUP TO FORM LARGEST PUB COMPANY IN THE UK: Another leisure company goes private. Here a few thoughts on the merger. 19 July 2019: Go to LINK below.
• Bloomberg had reported that ‘a deal could be announced as soon as this week.’ It says ‘no final decisions have been made and the discussions may not lead to a transaction… EI Group, which owns more than 4,400 British pubs, has a market value of about 902 million pounds.’
• EI Group shares are up around 32% this year to date. The company has been successfully transitioning from a purely tenanted and leased operation to one that has managed houses, speciality operations and free-of-tie leases in addition to its more traditional pubs.
• Bloomberg says ‘a representative for TDR declined to comment. EI didn’t immediately respond to requests outside of regular business hours.’ The deal is now on the screens.
For the latest Business News click on this LINK