Emerald has decided not to put in an offer for the Punch Taverns business, paving the way for a deal with Heineken to go ahead.
In a statement, the group confirmed that it “does not intend to make an offer for Punch”. It also confirmed that in December it made a proposal to Punch regarding a possible cash offer for the business.
Heineken is partnering with Patron Capital to buy the business, which includes 3,200 pubs and is valued at around £1.8bn.
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