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Punch Taverns Share Discussion Threads
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Revealed: Heineken / Patron consortium said to have swept market for Punch Taverns stock as part of market raid - sources
Friday, 3 February 2017, 4:33 pm
Patron Capital and Heneiken have been carrying out a secret raid for Punch Taverns shares, Betaville can reveal.
Good sources tell me the private equity firm and Heneiken have been buying Punch shares via stockbroker Peel Hunt during today's trading session.
So far, roughly 55 million shares - or 25pc - Punch have traded today, meaning the consortium is likely to have bought around 20pc.
What's not clear is why Patron and Heineken are bothering to carry out the raid given the rival Emerald consortium, led by Alan McIntosh, pulled out of the running earlier this week and they have irrevocable understakings from a number of Punch shareholders.
One person familiar with the situation said they were carrying the raid to limit the possiblity of a blocking vote at the General Meeting, where shareholders will vote on the the £400 million (or £1 billion plus if you include Punch's massive debt pile) takeover offer.
Keep an eye out on the regulatory news service early next week as I expect Patron and Heineken to formally disclose they have bought a sizeable shareholding - possibly as much as just under 30pc - in Punch Taverns.
Patron and Heineken declined to comment.
- See more at: hxxps://www.betaville.co.uk/news/heineken-said-to-be-sweeping-market-for-punch-stock-in-afternoon-raid-sources/#sthash.emKgvjvb.dpuf|
|some chunky off book buying at 180 today. Heineken or maybe an activist?|
|Dominic WalshVerified account @walshdominic 24m24 minutes ago
EXCLUSIVE: Strong rumours that Emerald Investment Partners is ready to call time on its interest in Punch Taverns|
|don't know why it posted 3 times, in error. apols.|
|I've had a terrible experience recently with Heineken/Star. So I really hope they do NOT take over Punch.
We salvaged one of their pubs, called the Bowling Green, in Nantwich, and ran the pub for them, as a favour, in return for a deal to refurb it.
Anyway, Punch strung us along for a year, with numerous delays. We incurred losses, but didn't mind, as it was agreed that we would get a nice refurb & then hopefully operate at a profit henceforth.
What actually happened? Star/Heineken poached our bar manager, and did a deal with him, deceitfully, behind our backs! They lied repeatedly, and are totally untrustworthy.
Basically, Star/Heineken are sharks, who took advantage of a small, financially struggling little company (us), to line their own pockets.
The people at Heineken/Star are untrustworthy, in my experience. So I very much hope that they do not get their greasy mitts on some good pubs!
|I've been advised to delete this post.|
|Game of chicken at the moment, watch this space...|
|The share price would suggest that the market expects a higher offer to materialise? Would others agree?|
|"Emerald is required, by not later than 5.00 p.m. on the date falling seven days prior to the date of the Meetings, either to announce a firm intention to make an offer for Punch in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Based on a date of the Meetings of 10 February 2017 as set out in the Scheme Document, Emerald would need to make such an announcement by not later than 5.00 p.m. on 3 February 2017."
|Maybe it would be a good thing if Emerald got it.....then Heineken could take a pop at Enterprise Inns!|
|Reported NAV is actually 353p (£784.5m / 222m shares in issue) but it falls back to around 285p if you strip out the £150m 'goodwill' on the balance sheet, which is what I imagine they have done.|
|Taken from Langton Capital - 2017-01-13 - Punch Taverns daily email by Mark Brumby:"PUNCH TAVERNS A REMINDER OF WHERE WE STAND: Punch has agreed to a break up bid from Heineken and Patron Capital at 180p per share. The is irrevocable except if a rival offers 200p or more. Documentation is promised 'by 20 Jan'. The first closing date is then 21 days hence. A rival offer, which would have to be at 200p or above, is likely towards the end of that 3wk period Saying a second bid will come in the week beginning the 6 Feb is not unreasonable. Given the benefits of vertical integration, Punch should be worth more to Heineken than to anyone else A counter from Patron / Heineken at 210p to 220p could not be ruled out Punch's NAV is c285p It would take a builder of such an estate c300p per share and perhaps 20yrs to build such a portfolio of pubs The end-game could, repeat could, be materially closer to the 285p NAV level than it is presently."|
|Well the Board may be recommending it but the market still isn't buying it yet.|
|Bit of a Phoney War here! I wonder which side will get off the fence first, or whether either will?|
|Exactly thats why I bought, cracking value, just not use to these new fangeled take overs with contract's and scheme's.|
|Hmmmmmm. Punch claim a Net Asset Value of over 350p/share and the 'discount to NAV' is also a metric used by ETI to justify the investment case. Be interesting to see how close they get and how that reads across the industry..........|
|Bit confused so have Patron got control with 51% or have they got to get real and up the price?|
|blimey as I posted that (having bought a few today) as the screen refreshed with my post, it showed the graph going at right angles, blimey what timing!!! Boom, so now wait for Heineken....IMO/DYOR....gla|
|yes is very quiet. which one Heineken or P/E house will win the day, one at £1.75 and one at £1.85 DYOR etc, but if bidding war, will one need to be higher than £2? should be interesting but look at LVD where first offer was at £2.05, now bidding £2.30 and above...let's see..|
|Quiet board, two takeover offer's trading below the higher offer.
Whats the catch?|
|A very good budget for Punch and Enterprise:
Beer, Cider and Spirits duty frozen, but probably more importantly.....
* change in threshold in ratable value from £6K to £15K before business rates are payable
* stamp duty rates on the purchase of commercial property bought into line with residential property|
|Punch Taverns plc will be releasing its full year results for the 52 weeks to
22 August 2015 on Thursday, 12 November 2015.|