Wolverhampton & Dudley Breweries (W&D) has made a £46m offer for family-owned pub company Jennings Brothers.
Acquisition hungry W&D today (11 April) purchased a 24.1% holding in the northern-based group from major shareholder Frederic Robinson.
It is now offering 430p per share for the remaining stock, a premium of 32% over the pre-offer share price.
The Alternative Investment Market listed Jennings has 128 leased and tenanted pubs in the North of England, of which nearly half are located in Cumbria.
Chairman of Jennings, John Rudgard said: “We believe that if financial terms can be agreed, W&D would provide a good home for Jennings.”
The proposed deal would protect the life of the Cockermouth brewery in Cumbria, safeguarding the future of beers such as Cumberland Ale.
W&D said it believes Jennings would be an especially good fit because of its successful December bid for Burtonwood, which has 460 pubs in North East England and North Wales.
By Chris Druce
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