Joe Lewis drops bid for Mitchells & Butlers

Billionaire currency trader Joe Lewis has abandoned plans for a nil premium bid for pub group Mitchells & Butlers.

Lewis, who already owns around a quarter of the business through the Piedmont vehicle, revealed his interest in buying the company last month.

Piedmont had indicated it would pay 230p a share for Mitchells & Butlers, but Mitchells & Butlers' directors repeatedly rejected the offer on the grounds of it being too low.

In a statement this morning, Piedmont said: "Piedmont will remain an active and engaged shareholder in the company."

In response to the news, Mitchells & Butlers interim chairman Bob Ivell, said: "The independent directors have been consistent in their view that an offer of 230p would substantially undervalue the company. We will continue to focus on our growth strategy for developing Mitchells & Butlers further as the UK's leading operator of restaurants and managed pubs, creating value for all shareholders."

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By Neil Gerrard

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