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UK: Eldridge Pope agrees sale with Cannon

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Eldridge Pope has agreed an offer from Michael Cannon. The announcement follows the announcement earlier this month that the pubs operator was back in takeover talks with the pub entrepreneur.

The board of the company is recommending the 171 pence per share offer, valuing the existing issued share capital of Eldridge Pope at approximately £42.3m.

The company said that the offer by SDA Ltd., a company ultimately controlled by Cannon, represents a premium of 11.8% to the closing price of 153.0 pence per Eldridge Pope Share on 8 September - the last business day prior to the announcement that the Board of Eldridge Pope was in discussions which may lead to an offer - and represents a multiple of 13.1 times Eldridge Pope's earnings per share, before exceptional items, of 13.1 pence for the financial year to 4 October 2003.

Eldridge currently operates 43 tenanted and 70 managed pubs in the south of England, including 23 outlets branded as Toad.


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