Shareholders try to ‘control’ board

MANAGEMENT at British pub and restaurant owner, Mitchells & Butlers (M&B) is preparing a submission to the British Panel on Takeovers and Mergers regarding what it sees as an attempt by some of the group’s largest shareholders to force control of its board.

M&B – which was the subject of two failed takeover attempts last year – owns a number of high-profile hospitality brands including All Bar One, the Irish-themed O’Neill’s and the Harvester family restaurant chain. Among its significant shareholders are British financier, Joe Lewis and Irish horseracing duo John Magnier and JP McManus.

Yesterday the pubs group said the majority of its board noted recent press speculation regarding the “increasingly difficult relationship” between the board and “a small number of its largest shareholders”.