Cameron McKenna and Eversheds advised on one of the fastest-completed deals in the pub industry last week – between Enterprise Inns and Century Inns.
Camerons advised Enterprise Inns in its hostile u78m bid to acquire control of Century Inns, represented by Eversheds. The offer was snapped up by shareholders in less than 24 hours.
Rob Pitcher, partner at Eversheds who led the firm's team, says: “As and when the offer becomes wholly unconditional, the combined company will be listed on the FTSE 350.”
The deal is the latest example of the surge in M&A activity in the regional brewing sector.
“There is also far more innovation being seen in the financing of these deals with the use of junk bonds being favoured instead of the traditional methods,” says Pitcher.
Patrick Plant, property partner at Linklaters, says: “This type of activity is good news for lawyers, as any activity requires input. Ironically, the larger the takeover the less document-intensive it is and so less work is sometimes generated.”