The bid, launched by Heineken UK alongside Patron Capital, is for a portfolio of 1,900 pubs across the United Kingdom currently owned by Punch Taverns. DLA Piper, who was named as sole legal advisor for Dutch brewer Heineken’s UK business in January last year, advised the business on the deal, while Clifford Chance provided legal to bid partner Patron Capital. On the other side of the table is Slaughter and May, leading advice to vendor Punch Taverns. Slaughters has a standing relationship with Punch, having advised the company on its £2.3bn capital restructuring in 2014.

Deal details

The bid, launched by Heineken and Patron under a bid vehicle called Vine Acquisitions, values Punch Taverns at 180p per share, or £403m – 40 per cent higher than Punch’s share price on the day before the bid emerged (13 December). The deal will see Patron-controlled Vine Acquisitions acquire Punch Taverns in whole, with Heineken then to purchase 1,900 pubs from Vine for £305m. It is understood that Heineken plans to integrate the portfolio into its existing Star Pubs & Bars Business.

Sources: Legal Business; The Guardian