Second suitor has Yates in sights

TAKEOVER target Yates Group admitted today that a second potential buyer has emerged for the beleaguered High Street bars business.

After the Evening Standard reported that unusually large parcels of stock were changing hands, Yates today said it 'has received a request from another party for information on the company'.

A management buyout bid backed by US venture capital house GI Partners is already on the table. The 140p-a-share offer values the group at £93m.

Evening Standard had revealed that City broker Commerzbank swept up about 9% of Yates' stock earlier this week at around 142p a share. The shares rose 1 1/2p today to 147 1/2p.

Yates said it had been forced to declare the potential second bidder to the Stock Exchange after the Standard's report.

It said financial information on the company has been made available to the new suitor but added: 'This party has not yet accessed the information and nor have the independent directors received any offer proposal from this party.'