UK: S&N shortlist now down to three
The three bidders are thought to be Laurel Pub Company, financed by Nomura, Spirit, the pub operator backed jointly by Texas Pacific Group and Blackstone, and a joint bid from CVC and Cinven.
To the considerable surprise of many analysts, S&N have eliminated the bid from Mitchells & Butler, the pubs business which was formerly part of the Six Continents group, which at one stage was thought to be one of the strongest bidders.
A spokesperson for Mitchells & Butler confirmed that it was not on the shortlist. The pub operator, Pubmaster, whose bid was being backed by WestLB, also confirmed that it was also not on the shortlist.
Fitch Ratings has cut its debt rating on brewer, Scottish & Newcastle (S&N), from BBB to BBB-minus....
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