December 15, 2016 / 1:42 PM / 3 years ago

Punch Taverns agrees to takeover from Heineken and partner

Dec 15 (Reuters) - British pub operator Punch Taverns Plc has agreed to a takeover offer from Dutch brewer Heineken NV and investment partner Patron Capital, it said on Thursday.

Britain’s second-largest pub operator by number of pubs said the deal had received support from its top three shareholders representing about 52.3 percent of Punch’s existing share capital.

Under the deal, each Punch shareholder would receive 180 pence per share in cash representing a premium of more than 40 percent to Punch’s Tuesday close, a day before the deal was first reported.

The offer values the share capital of Punch at 402.7 million pounds ($502.17 million), the statement said.

Shares in Punch were up 7.9 percent at 191 pence at 1336 GMT, above the offer price of 180 pence.

$1 = 0.8019 pounds Reporting by Rahul B in Bengaluru; editing by Jason Neely

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