Monday 6 February 2017 12:52 pm

Heineken closes in on Punch Taverns as its investment vehicle buys 28 per cent stake

Heineken has moved a step closer to completing its acquisition of Punch Taverns after its investment vehicle bought a significant stake in the British pub chain group.

The Dutch brewer announced today that Vine Acquisitions, the vehicle it shares with partner Patron Capital, built up its share in the company to 28.5 per cent on Friday last week.

Read more: Heineken set to clinch Punch Taverns as rival suitor pulls out

Heineken was already in line to succeed in its pursuit of Punch, with rival bidder Emerald, backed by entrepreneur Alan McIntosh, pulling out of the race last week.

Heineken and Patron Capital's 180p-per-share offer, totaling £403m, already has the backing of Punch’s board and its top three shareholders, who own a combined stake of 52.3 per cent.

Read more: Pub landlords unite against Heineken's Punch Taverns takeover

Punch shareholders will meet on Friday to vote on the deal.

Last month, the Punch Tenant Network, which represents Punch publicans, condemned the deal and said it would result in reduced beer and cider options for customers.