British pubs in €460m bid

Heineken is in advanced talks to buy Punch Taverns for £386m (€460m), competing with one of the chain’s founders to expand its network of British taverns.

The Dutch brewer may offer 174p a share in cash, while Punch co-founder Alan McIntosh’s Emerald Investment Partners is considering a 185p a share bid, although it’s not fully funded, the pub chain said in a statement after news of the offers leaked.

The stock rose as much as 41%, trading between the two bids.