Pubs group Mitchells & Butlers is set to disappoint Robert Tchenguiz by ruling out spinning off its £5.5bn property portfolio into a REIT. Sunday Telegraph
The group owns and operates about 2,000 pubs across Britain. Tchenguiz owns 16% of shares but has claimed that he controls up to 40% of the shareholder register through agreements with others, has made preparations for a hostile bid if the company does not concede to his REIT plan.
M&B is believed to be steering away from fully spinning off into a REIT and edging towards a form of 'halfway house' that will unlock some of the value of its property to satisfy those shareholders who are backing Tchenguiz.
M&B has told the City it will report on what it plans to do with its property on 22 May, alongside its first-half results.