Woolworths CEO Roger Corbett remains firm that his company’s rejected bid for pubs group Australian Leisure and Hospitality will not be increased.
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ALH directors have formally rejected the A$2.75 (US$1.97) per share bid, saying that a report by KPMG had deemed it unfair and unreasonable, reported AAP.
Woolworths, which is bidding with millionaire pubs owner Bruce Mathieson in a consortium known as Bruandwo, wants Australian Leisure’s 133 pubs and 263 liquor stores to increase its share of the nation’s A$11 billion a year take-home liquor market to more than a quarter.
