Honeycombe Leisure shares suspended ahead of takeover announcement

Struggling pub chain Honeycombe Leisure has had it shares suspended from the Alternative Investment market (AIM) after speculation about a takeover pushed up its share price.

The company, which warned in January that without a rescue deal it would be unlikely to be able to keep trading, requested the action and said it would make a further statement in due course.

Honeycombe did confirm it “was in advanced talks regarding a possible acquisition” likely to constitute a reverse takeover under the rules of AIM.

A reverse takeover occurs when a listed company is taken over by one that is not. The acquirer then takes on the stock market listing.

Honeycombe’s future in the balance >>

Still no buyers for struggling Honeycombe Leisure >>

Honeycombe Leisure chairman in talks for company >>

By Chris Druce

E-mail your comments to Chris Druce here.