Friday 10 February 2017 4:58 pm

Punch Taverns shareholders seal the deal on Heineken's £403m takeover offer

Punch Taverns shareholders today voted to approve Heineken's 180p-per-share takeover offer, totaling £403m.

The offer was made by Vine Acquisitions, the vehicle Heineken shares with partner Patron Capital.

On the news of the decision, Patron said: "We are delighted that an overwhelming majority of shareholders are in support of the acquisition and look forward to progressing towards completion of the acquisition."

At the court meeting, 70.88 per cent of shareholders who own 99.62 per cent of Punch's shares voted for the scheme while 29.12 per cent, holding 0.38 per cent of shares, voted against.

Similarly, in the general meeting, 99.9 per cent of Punch's shares voted for the scheme while 0.10 per cent of shares voted against.

Bidco, which holds approximately 28.5 per cent of Punch's shares, did not vote at either the court meeting or the general meeting.

Before today's meeting, the offer already had the backing of Punch’s board and its top three shareholders, who own a combined stake of 52.3 per cent.

The acquisition remains subject to regulatory approval and is expected to take effect by the end of the first half of 2017.

In a statement, the Dutch brewing giant said: "Heineken notes the Punch announcement earlier today and is delighted that Punch shareholders voted in favour of the scheme at the court meeting and that the special resolution proposed at the general meeting was passed."

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.

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