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Macquarie Joins Spirit Hunt
Austraian investment bank Macquarie has become the latest bidder to approach Spirit Group about making a formal offer.
The privately owned UK pub company with 2,000 outlets has been valued at up to £3 billion. There are two rival bidders, Robert Tchenguiz, the property investor who made a formal offer through his R20 investment vehicle, and Punch Taverns, the UK’s second biggest pub group.
Punch made an unsolicited approach in June, and it is thought to be interested in buying about 1,200 managed pubs that it would convert to tenanted ones, with a competitor such as Mitchells & Butlers picking up the remaining 800. Spirit is yet to embark on a formal auction process. takeover bid from Constellation. The bid remains open until November 28 and it is expected that Vincor will be making a recommendation to its shareholders by