M&b record exchange1/17/2023 ![]() ![]() Well, yes it is, but the world has moved on since the days when a private equity bidder needed only to add 30% to a share price to be confident of seeing a board roll over. It didn't work then and it probably won't now because Tchenguiz's problem is simple: 550p a share is nowhere near a knock-out price and is a full 50p short of being even mildly tempting.īut, pleads the Tchenguiz camp, it's 35% more than M&B's share price before we came along. Along the way, he has bristled with indignation that M&B didn't invite him round for a quick half to talk terms, and he couldn't resist another dig yesterday. It has taken a full month for Tchenguiz to get from initial expression of interest in M&B to yesterday's "informal approach" at 550p a share. ![]() Robert Tchenguiz is not obliged to stoop to charm offensives but it's not doing him much good in his attempt to force the board of Mitchells & Butlers to the negotiating table.
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