Pubmaster and Wolves continue to trade blows

The latest twist in one of the longest-running takeover sagas in the UK is that ,Pubmaster, the hostile bidder for UK brewing group Wolverhampton & Dudley, has confirmed that there was an error in a recent press release issued in connection with its £485m bid.

Pubmasters advisers West LB Panmure admitted that its calculation that Wolves would make an exceptional charge of £28.2m, excluding property disposal gains, in its year end figures to 30 September was wrong.

The release had cited such exceptional charges as a means used by Wolves for massaging its performance figures. West LB Panmure released a revised figure for exceptionals of £16.2m.

As the two sides continue to jostle for shareholder attention, Wolves were quick to seize on this error, describing it as a 'serious concern' and that Pubmaster were 'misleading' investors.

The error though was spotted prior to the release of the formal offer document that was sent to Wolves shareholders on Monday.