W&DB, English Country Inns agree on offer for ECI
The acquisition is consistent with W&DB’s strategy of expanding its estate where suitable opportunities occur that meet its returns criteria.
26/08/05 The boards of directors of W&DB and English Country Inns (ECI) are pleased to announce that they have reached agreement on the terms of a recommended cash offer for ECI, to be made by McQueen Limited on behalf of W&DB.
The Offer will be 128 pence in cash for each ECI Share, valuing ECI’s existing issued share capital at approximately £13.65 million.
W&DB has received irrevocable undertakings to accept the Offer including from the directors of ECI in respect of 62,000 ECI Shares, representing approximately 0.58 per cent of the existing issued share capital of ECI.
The acquisition is consistent with W&DB’s strategy of expanding its estate where suitable opportunities occur that meet its returns criteria. ECI provides a good geographic fit with its Pathfinder Pubs division, operational benefits through scale and opportunities for cost savings.
