Shares in a massive UK pub chain are going nuts over takeover rumours
LONDON - Shares in Punch Taverns are exploding on Wednesday as of 11.55 a.m. GMT (7.55 a.m. ET) after rumours circulated that Heineken is looking to takeover the massive UK chain, which owns 3,300 pubs.
The share price jumped by over 22% after Sky News reported that Dutch brewer Heineken is in a "secret takeover battle for Punch Taverns ... Bidding against Punch co-founder Alan McIntosh."
Sky News reported that Heinken, which makes the Strongbow and Foster's brands, has been embroiled in a secret takeover battle to take control over Punch Taverns and that it is in direct competition with one of the company's founders - Alan McIntosh.
The report added that McIntosh is allegedly working with advisers at the Bank of America Merrill Lynch.
A representative from Punch Taverns told Business Insider: "We are aware of the situation and will issue a statement in due course."