Young’s to Buy City Pubs for £162 Million as Bars Suffer
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Shares in City Pub Group Plc soared more than 30% after it agreed to a £162 million ($201 million) takeover by larger rival Young & Co’s Brewery Plc as British pubs struggle during the cost-of-living crisis.
Shareholders in the 50-strong upmarket chain will receive 75% of the amount in cash and the rest in Young’s A shares, leaving them with about 6% of the overall company. The deal, which will expand the Young’s estate to 279 premises, is worth 145p per share, a 46% premium to Wednesday’s closing price.