Buyout Shop CVC Planning Bid for Punch Taverns

Buyout Shop CVC is mulling a bid for British pub company Punch Taverns, Reuters reported, citing a piece in the Mail. The private equity firm is reportedly in talks with Punch adviser Goldman Sachs about a bid. Punch Taverns controls 6,000 pubs in the UK.

(Reuters) – Private equity group CVC is “plotting an audacious bid” for British pub company Punch Taverns (PUB.L), the Mail on Sunday said in an unsourced report.

CVC is also understood to be in talks with Punch Tavern’s adviser Goldman Sachs (GS.N) about a bid for part of Punch Tavern’s 6,000-strong leased pubs estate, the newspaper added.

CVC declined to comment on the report.

Punch Taverns shares closed at 64.95 pence on Friday, giving the company a market capitalisation of around 417 million pounds ($657.9 million). ($1=.6338 Pound)

(Reporting by Sudip Kar-Gupta)