Mitchells & Butlers notes that the Panel on Takeovers and Mergers (the "Takeover Panel") has reached a conclusion on the matters the Company asked it to investigate, as announced by the Company on 30 November 2009.
The Panel has concluded that, prior to 15 October 2009, the time when the last relevant purchase of shares was made, no agreement or understanding was reached between certain shareholders to act in concert for the purposes of the Code and, accordingly, that no breach of the Code has occurred.
The Company reluctantly accepts the Takeover Panel's position. It however continues firmly to believe that certain shareholders are using their rights in a manner which may have an adverse effect on control of the Company.
The Company has requested that the Takeover Panel, and the Takeover Panel has agreed to, continue its deliberations with regard to suggestions that control-seeking behaviour may have taken place since 15 October 2009.
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Notes for editors:
Mitchells & Butlers owns and operates around 2,000 high quality pubs in prime locations nationwide. The Group's predominantly freehold, managed estate is biased towards large pubs in residential locations. With around 3% of the pubs in the UK, Mitchells & Butlers has 10% of industry sales and average weekly sales per pub almost four times greater than that of the average UK pub.
Mitchells & Butlers' leading portfolio of brands and formats includes Ember Inns, Harvester, Sizzling Pub Co., Toby Carvery, Vintage Inns, Crown Carveries, All Bar One, O'Neill's, Nicholson's and Browns. In addition, Mitchells & Butlers operates a large number of individual city centre and residential pubs.