Punch Taverns PLC (PUB.L)
|Market Cap (Mil.):||£58.93|
|Shares Outstanding (Mil.):||665.85|
LONDON - British pub chain Spirit Pub Co said it had rejected a 661 million pound ($1.08 billion) takeover approach from rival Greene King , reasoning it undervalued the company and its "attractive prospects".
* Meetings of noteholders in Punch A and Punch B securitisations to approve restructuring proposals are also taking place today Source text for Eikon: Further company coverage:
* Increased support for proposed restructuring of punch a and punch b securitisations
* Launch of proposed restructuring of Punch A and Punch B securitisations
Aug 11 - Punch Taverns Plc said a restructuring of its debt, which was supposed to conclude by Monday, had been delayed as the British pub operator sought more time to conclude certain discussions with stakeholders.
May 27 - British pub operator Punch Taverns Plc said on Tuesday that certain debtholders had proposed a restructuring that would likely reduce its 2.3 billion pound ($3.9 billion) debt pile by about 26 percent.
May 27 - Debt-laden British pub company Punch Taverns Plc said on Tuesday that certain stakeholders had proposed a restructuring of its securitisations that would likely reduce the company's debt by about 26 percent.
* Restructuring of securitisations is required in order to avoid a default in both Punch A and Punch B securitisations, which would be likely to have a material negative impact for all stakeholders
* Reached agreement to sell 4 pubs to Morgana Limited for a total consideration of £6.7 million
* At meetings held today, noteholders voted in favour of waiver requests.