M&B to tell takeover watchdog of power grab by its biggest shareholders
Pubs group Mitchells & Butlers (M&B) is to submit evidence to the City takeovers watchdog that some of its biggest shareholders are trying to seize control of the firm.
The company, which owns the All Bar One and O'Neill's brands, said that Piedmont Inc, the investment vehicle owned by billionaire currency trader & owner of Tottenham Hotspur football club Joe Lewis had blocked the appointment of Archie Norman as chairman of the company.
Norman, who was appointed chairman of ITV earlier this month, had been in talks to become non-executive chairman of M&B, as a replacement for Drummond Hall, who left after only 18 months in the job.
Lewis, whose firm owns 23% of M&B, is also reported to have demanded the resignation of senior director Simon Laffin.
In a statement M&B said: "The panel on takeovers and mergers has been approached and a submission will be made imminently regarding the cumulative evidence that a number of shareholders have been seeking to gain control of the board and of the company to advance the interests of a small group of shareholders at the expense of others.
"The majority of the Board is continuing to work to strengthen the Board through further independent appointments, and to identify an independent candidate to succeed the chairman, Drummond Hall, urgently."
The statement follows a Sunday Times report that Lewis had blocked Norman's appointment.
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By Neil Gerrard
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