First Leisure in U-turn after turning down Cannons merger

Article Abstract:

First Leisure has decided against merging its fitness and health clubs with Cannons, and instead will retain these activities, selling other divisions. First Leisure's nightclubs and bars division has an estimated value of 200 million pounds sterling, and a likely purchaser is Luminar. Luminar's chief executive, Stephen Thomas, has stated that the company is not talking to First Leisure about such an acquisition, but has not denied interest. First Leisure also has a family entertainment divisions with an estimated value of 90 million pounds sterling.

Leisure industry, First Leisure Corporation PLC

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Drinks are on Nomura

Article Abstract:

Nomura has acquired Spring Inns and Inntrepreneur from Fosters and Grand Metropolitan for 1.2 billion pounds sterling. This could appear a high price especially as there is a risk of litigation relating to compensation claims for beer contracts. Inntrepreneur and Spring Inns could, however, benefit from renegotiating a supply contract with Scottish and Newcastle, and there is a possibility of unlocking value in the two chains, argues James Turner, director of Nomura's Grand Pub Company.

Nomura Holdings Inc., Inntrepreneur Estates Ltd., Spring Inns

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Punch sets Monday deadline for Allied recommendation

Article Abstract:

Punch Taverns has increased a bid for oubs owned by Allied Domecq to 2.85 billion pounds sterling from 2.7 billion pounds. Whitbread is also bidding for the pubs, and is planning an increase in its offer. Punch's increased offer lapses if is not accepted by Jul 5 1999. Analysts see Punch as more likely to succeed in its bid, though this depends partly on how much is offered by Whitbread. One analyst argues that the tax implications of Punch's bid may not have been fully assessed.

Allied Domecq PLC, Punch Taverns

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