Urbium plays hard to get with Regent

REGENT Inns boss Bob Ivell has been told to up the ante if he wants to take control of rival bar group Urbium.

Yesterday his £84m bid approach for the Tiger Tiger and Sugar Reef chain of nightspots was rejected out of hand by opposite number John Conlan.

Conlan says Ivell's 820p a share deal - to be funded mainly in stock - 'significantly undervalues' Urbium. The City agrees, and thinks he will have to stump up around £100m.

Former Scottish & Newcastle's executive Ivell has been lauded for kickstarting the revival of Regent, which runs the Australian-themed Walkabout bars.

Analyst believe both Regent (off 3½p at 77½p) and Urbium (up 65p at 700p) will eventually be picked off by property tycoon Robert Tchenguiz.

Speculators chased Urbium 45p higher to 745p this morning on hopes that Regent Inns will go hostile. Bridgewell Securities advised clients to 'buy' Urbium and be 'overweight' in Regent, which was ½p firmer at 78p. It repeated its 'buy' recommendation in Luminar, unchanged at 544p.