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Snubbed BC still eyeing SixC pubs
LONDON, England (Reuters) -- Private equity firm BC Partners Ltd said on Monday it was still in the hunt for Six Continents' pubs and restaurants business, despite having a 2.8 billion pound ($4.4 billion) bid snubbed earlier this month. Six Continents, which owns InterContinental and Crowne Plaza hotels as well as All Bar One pubs and Harvester restaurants, is splitting itself in two, following criticism it lacked focus and had neglected shareholders. But few analysts think the two resulting companies -- InterContinental Hotels Group Plc (IHG) and Mitchells & Butlers Plc (M&B) for the pubs and restaurants -- will remain independent for long. Six Continents has already fought off a hostile bid for the whole group from entrepreneur Hugh Osmond, and BC Partners confirmed on Monday that it was behind an approach for M&B which Six Continents rejected last Thursday as too low. "BCP remains interested in making an offer for M&B and looks forward to participating in the transparent and orderly process Six Continents intends to establish,'' BC Partners said in a statement. Six Continents, which is also returning 700 million pounds to shareholders as part of its demerger plans, insists both of its businesses have a strong future and that it will not sell off valuable assets at the bottom of the economic cycle. But following criticism it was not receptive to potential bidders during the battle with Hugh Osmond, the firm set up a committee under senior non-executive director Roger Carr specifically to look at approaches for all, or parts, of the business. Analysts expect the committee to be busy. Industry sources told Reuters last week that the Laurel Pub Company, owned by Deutsche Bank AG's Morgan Grenfell Private Equity, CVC and Nomura financier Guy Hands had all shown an interest in M&B. Private equity firms Blackstone Group and Texas Pacific together with Marriott and Sheraton group Starwood are believed to be circling the hotels. IHG and M&B are expected to start trading as separate companies on April 15. Copyright 2003 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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