Takeover rumours for Irish tycoons

IRISH financiers John Magnier and JP McManus are being linked with a takeover bid for the British pub group, Mitchells & Butlers (M&B), which could value the business at more than £1.7 billion (€1.9bn).

The horseracing tycoons already own a 17%-plus stake in the group, through their Elpida investment vehicle, and are now being linked with a complete takeover bid — along with private equity house Kohlberg, Kravis & Roberts (KKR) and fellow M&B shareholder and British financier Joe Lewis.

The heavily rumoured £4.25 per share bid would value M&B at more than £1.7bn. Mr Lewis currently owns a near 23% stake&.