Silly season is of course August for the media at large and a particularly mouth watering piece of silly City gossip doing the rounds (again) is that the UK’s largest pub company – by number of boozers – Punch Taverns could be subject to a bid.
But just who would have the dutch courage required to pull of such an audacious bid for a FTSE 100 company as the world's financial markets lie in ruins?
None other than Mitchells & Butlers, which with turnover in 2006 of £1.72b and pre-tax profit north of £200m might just have both the bottle and the financial clout to do so.
Whether putting more than 10,000 pubs and restaurants in the hands of one operator would be good for consumer choice is certainly something you'd expect the Competition Commission to have a view on, so don't rush to invest your beer money in the companies just yet.
Certainly a City source in today’s Market Report column in the Independent backed the wait and see sentiment up by saying “this story comes and goes”, which is hardly a buy! buy! buy! recommendation.
Still, having fought off the unwanted attentions of one Robert Tchenguiz at a cost of £7m in 2005, M&B certainly knows a thing or two about takeover bids, hostile or otherwise.
Robert Tchenguiz raises stake in Mitchells & Butlers>>
Punch Taverns tie-up with drinks company Constellation Brands given the go ahead>>
Robert Tchenguiz abandons attempt to buy pub group Mitchells & Butlers>>