[ad_1]
UK pub operator Young’s has agreed a deal to buy competitor City Pub Group, which operates more than 50 venues across southern England, for an equity value of £162mn.
The stock-and-cash proposal, which was recommended by the board, will pay City Pub Group shareholders 108.75p per share and the remainder in Young’s shares. The deal values City Pub Group shares at a 46 per cent premium to Wednesday’s closing price.
Simon Dodd, chief executive of Young’s, which owns 230 venues across London and south-east England, said the acquisition would “allow us to expand our estate through the addition of a complementary, high-quality pub and bedroom portfolio, with the potential for the benefit of significant operational synergies”.
[ad_2]
Source link
