Australian supermarket group Woolworths has increased its bid for pub operator Australian Leisure & Hospitality (ALH) to A$1.11bn (US$800m), beating an offer from private equity firm Newbridge Capital.
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Woolworths and its joint venture partner Bruce Mathieson Group had made an initial bid of $969m, but this was beaten earlier this week by Newbridge’s surprise bid of $1.08bn.
The grocery retailer said its latest offer was unconditional and final if no higher or superior offer emerged, reported Reuters.
ALH operates 133 pubs, 52 of which are in Queensland, where it has the largest share of the state’s $4bn liquor industry.
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