23 Jan 2015 16:02
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Don't have an account? Click here to register.Canaccord Genuity hikes target on Punch Taverns
Fri, 16th Dec 2016 09:44
(ShareCast News) - Analysts at Canaccord Genuity hiked their target price for shares of Punch Taverns following the company's acceptance of the 180p per share cash offer from Vine Acquisitions, the acquisition vehicle for Patron Capital and Heineken.The bid, which had been accepted by the company's top three shareholders and its directors, mustered the support of 52.3% of the share capital, but required the backing of 75.0% via a scheme of arrangement.A Court Meeting was to be held at a date to be agreed in the first quarter of 2017 and Vine had reserved the right to increase the amount of its bid should Emerald, the vehicle for Alan McInstosh, table a higher offer of 200p or more.Nigel Parson at Canaccord dubbed the ability of Punch's Board to pit the two suitors for the company against each other as "brilliant".Emerald had been required by the Take-over panel to make a bid no later than seven days before the Court Meeting.The bid price equated to a 100% premium over the price of the stock prior to the first approach on 7 July and valued its equity at £403m which in turn equated to an enterprise value of £1.8bn and an exit multiple of roughly ten times EV/EBITDA for the year ending Augist 2016.Parson upped his target from 110p to 180p and kept his recommendation at 'hold'.
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20 Nov 2014 17:19
Thursday tips round-up: Enterprise Inns, Punch Taverns, ICAP
Change is good, but not quite what UK MPs have in mind. Their vote in favour of ending the so-called 'beer-tie' is a great idea. In effect, it will allow large pub operators to purchase their beer from wherever they like, instead of being forced to buy it from the likes of Enterprise Inns or Punch T
Read more19 Nov 2014 14:42
UK pub firms hit by move to curb power over tenants
* Shares in pub owners fall after parliament vote * Move to give tenants more freedom on beer buying By Neil Maidment and William James LONDON, Nov 19 (Reuters) - British pub groups suffered on Wednesday after lawmakers backed a move to hand publicans more control over where the
Read more19 Nov 2014 12:30
Broker tips: Pub companies, IMI, National Grid
Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. "If this passes through the House of Lords and becomes law, this coul
Read more19 Nov 2014 10:56
Beer tie vote creates 'significant uncertainty' for pubcos, says Barclays
Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. The government was defeated in a Commons vote on Tuesday with MPs vot
Read more19 Nov 2014 09:54
BUZZ-UK pub operators: slump after vote for flexible "beer-tie" deals
** Listed British pub operators saw as much as 330 mln pounds ($516.22 mln) wiped off their market value after lawmakers unexpectedly voted to give people who lease pubs from big companies more freedom about where they buy their beer. ** Enterprise Inns falls as much as 17 pct, the worst of
Read more19 Nov 2014 07:13
Pub firms say beer tie vote may spark closures and job losses
It has been hailed as a historic vote that could secure the future of the British pub, but Parliament's decision to scrap the restrictive 'beer tie', which links pub landlords' rent and supplies to their parent pub companies, might have "serious unintended consequences" on the industry, according to
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