A rumour that Mitchells & Butlers (M&B) may try to buy the Spirit, managed pubs arm of rival Punch Taverns, caused its shares to tumble.
Shares fell 5.5p to 712.5p and one investor sold 11m shares, some 2.7% of the company, at 714p.
Analysts doubted that M&B could find the £2bn for Punch’s pubs and said that the company’s credibility had taken a knock from the rumour.
The Times 1/9/07 page 59 (Large Caps, Business)
