A battle is brewing over the proposed £93m takeover of pub operator Yates Group after a family consortium holding 20% of the shares said it would block the planned management buyout.
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| Yates: takeover battle |
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The consortium, which consists of families related to the founders of Yates, said today it would not accept the 140p-a-share bid.
The families have appointed investment firm Investec to advise them on their options.
Yates's own management team made the buyout bid last month, with financial backing from venture capital firm GI Partners.
And the bid has been recommended to shareholders by Yates's independent directors.
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