CVC Capital Partners and Blackstone, the two private equity firms, are said to be readying a bid for the known pubs group Mitchells & Butlers. The move would involve shareholders keeping about 50% stake. Their bid would try to head off a rival bid from Punch Taverns.
The two PE firms are believed to be aiming to snap up M&B, but wish to give shareholders an opportunity to continue owning nearly half the business. This kind of deal often takes place when a bidder looks only to have a controlling stake. Analysts doubt as to whether parties interested could raise the required funding, given the bad state of the credit markets. This arrangement would overcome the credit problem.
A long-time rival M&B, Punch, tried to pounce on the firm just at the beginning of February 2008 with an all-share merger proposal. This followed M&B revelation that it had incurred potential and realised losses of nearly £422m from hedging bets tied to a doomed property deal. The hit will take out over two years’ profits. Other PE firms, including TPG and Cinven, are also said to be interested in M&B. All eyes are on property tycoon Robert Tchenguiz who has about 23% of the popular pubs company.

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