Punch Taverns is not the only pub group with some interesting developments going on.
Less than a week after Adam Fowle quit as chief executive of Mitchells & Butlers, one of the group's leading shareholders has increased its stake in the business. Elpida, the investment vehicle of racing tycoons JP McManus and John Magnier has bought just over 4m shares to take its shareholding to 19.09%.
Fowle's departure was seen as a sign that tensions were building again between the company's board and Bahamas-based currency trader Joe Lewis, who owns 22.74%.
Fowles was the last remaining member of the board that fell out with Lewis in late 2009, leading to a dramatic annual meeting and the ousting of directors amid suggestions - ruled unfounded by the Takeover Panel - of a concert party between Lewis and Elpida.
M&B's shares are currently 5.9p higher at 301.2p.
Source: http://www.guardian.co.uk/business/marketforceslive/2011/mar/22/tycoons-raise-mitchells-stake
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