PUBMASTER has posted its offer for Wolverhampton and Dudley Breweries (W&DB).

Pubmistress, which owns Pubmaster, is offering shareholders in W&DB 480p per ordinary share, valuing the company at £453.4m.

The publication of the offer document follows the hostile takeover bid for W&DB launched two weeks ago, which has since been rejected by the board of W&DB.

The offer states that holders of ordinary shares in W&DB will retain the right to the nine pence per share dividend, declared on May 23, and payable on June 29.

The offer represents a premium of 35 per cent on the closing price of 355p on August 11, 2000, the day before private equity group Botts made its initial offer for W&DB, starting the rush of interest in the brewer.

Pubmaster's new bid is 35p per share less than an informal offer it made on April 20.

If the Pubmaster bid succeeds, it is believed the group, which owns 2,000 pubs but no breweries, will dispose of W&DB's remaining brewing operations.

W&DB has already agreed to sell its Camerons Lion brewery, in Hartlepool, to Castle Eden of Peterlee, County Durham.

That deal is dependent on Castle Eden being granted permission by Easington District Council for a housing development on its former site.

Pubmaster chief executive John Sands said: "I think this is the best offer that anybody had for this business. It is a good offer. We did try very hard to get a recommendation from the board, but they rejected it."