"Pubs group Mitchells & Butlers - which has been approached by rival Punch Taverns - was one, falling 41.25p to 335.75p. Punch lost 47p to 522.5p. Analyst Douglas Jack at Panmure Gordon said: "M&B's management does not appear enthusiastic over Punch's merger proposal, even though the deal values M&B equity at 437p per share (395p equity and 42p cash). We believe that Punch, like almost a third of its shareholder base, is becoming less enthusiastic on the potentially 20% earnings dilutive transaction."
http://www.guardian.co.uk/business/2008/mar/18/marketforces