The Takeover Panel has concluded that there was no agreement between shareholders in pubs operator Mitchells & Butlers to act in concert prior to 15 October, which means that there is no need for a mandatory bid or any other action.

However, M&B has requested that the Takeover Panel "continue its deliberations with regard to suggestions that control-seeking behaviour may have taken place since 15 October 2009".

The board of M&B approached the Takeover Panel at the end of November so that it could rule whether a group of shareholders has been trying to gain control of the board after they blocked three potential candidates for chairman.

The shareholders include Bahama-based billionaire Joe Lewis, who owns nearly 23% of M&B through Piedmont Inc.

Piedmont blocked three potential candidates for chairman and requested the resignation of senior independent director, Simon Laffin, advising him that if he did not resign, a small number of large shareholders would vote against his election at the January 2010 AGM.

The Takeover Panel says that prior to the 15 October 2009, the last time any of the relevant shareholders acquired shares, there was "no agreement or understanding was reached between those shareholders to act in concert for the purposes of the Code (City Code on Takeovers and Mergers)". Therefore no breach has occurred.

The statement was issued after the market closed.

Earlier in the day, M&B said that it had received an enquiry from a representative of a shareholder owning 20.7% of the company who wanted Raymond MacSharry to be reappointed at the AGM on 28 January. The enquiry was too late for the motion to be put to shareholders.

M&B has told shareholders they should vote in favour of the appointment of John Lovering and Simon Burke as directors at the AGM but vote against the appointment of Michael Balfour and Jeremy Blood. It says having four nominees of Joe Lewis would give him too much power.

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