Slaughter and May is advising Punch Taverns plc on a recommended cash offer for Punch by Vine Acquisitions Limited and the associated disposal of the Punch A securitisation group to Heineken UK Limited.

Slaughter and May is advising Punch Taverns plc on a recommended cash offer for Punch by Vine Acquisitions Limited, a company formed by Patron Capital Advisers LLP, and the associated disposal of the Punch A securitisation group to Heineken UK Limited.

The offer was announced on 15 December 2016. Under the offer, each Punch shareholder will be entitled to receive 180 pence in cash per Punch share. The offer values Punch at approximately £403 million. The transaction is subject to shareholder and competition authority approval and, if approved, it is expected the transaction will complete in summer 2017.

Punch is a leading operator of pubs in the UK, with the second largest pub estate by number of pubs. Heineken is one of the UK's leading cider and beer producers and operates the "Star Pubs & Bars" business with a UK-wide estate of 1,049 pubs. Patron Capital is a European fund management group which has invested approximately €2.4 billion of capital across several funds and related co-investments.

David Johnson Partner
Tim Blanchard Partner
Murray Reeve Associate
Jonathan Fenn Senior Consultant
Sandeep Maudgil Partner