Fuller, Smith & Turner must put up or shut up on Capital Pub Co

Fuller, Smith & Turner must 'put up or shut up' on Capital Pub Co

The UK Takeover Panel has set a 'put up or shut up' deadline for Fuller, Smith & Turner over the group's interest in Capital Pub Co.

Fuller's has agreed to state whether or not it intends to make a firm offer for Capital by 17:00 on 1 August. Capital asked the Takeover Panel to set a deadline as relations between it and Fuller's have turned increasingly ugly.

Capital said today (5 July) that it welcomes the Takeover Panel's decision. It said that it continues to believe that Fuller's GBP54m (US$86.6m) takeover approach "substantially undervalues the business and prospects of the company".

Last month, London Pride brewer Fuller's suggested that Capital's expansion plan looks unrealistic. "Fuller's believes that Capital will most likely be required to issue further equity to fund its growth strategy should it wish to continue acquiring freehold assets in London," it said. The London-based group added that its offer compares favourably with recent deals in the UK pub sector.