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Friday, June 5, 1998 Published at 19:51 GMT 20:51 UK
Business: The Markets
Thirsting for a takeover
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Bidders are pouring in for beer companies
Britain's brewing sector has been set alight as bidders circle some of the UK best known beer groups.
Ushers of Trowbridge, the Wiltshire based brewer, announced on Friday that it has had an unsolicited takeover approach. It is second beer group within 24 hours to admit that it has been approached by a potential bidder.
Vaux, the Sunderland brewer which also owns the Swallow hotel chain, has also been approached.
Ushers' share price leapt by more than a quarter to 127.5p following news of the bid approach.
Shares throughout the brewing sector shot upwards. Shares in Morland, another regional brewer and pub operator, closed up 38-1/2 pence or 8.5% at 410p while Marston Thompson & Evershed gained 12p to finish at 358.
On Tuesday Ushers reported a 68% increase in profits to £6.1m for the six months to April. It owns 550 pubs and its brewery at Trowbridge has the capacity to produce more than half a million barrels of beer a year.
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