The R20 consortium looking to purchase Mitchells & Butlers PLC withdrew its bid for the U.K. pub operator ahead of the May 8 deadline imposed by the Takeover Panel, the regulatory body that administers the city code on takeovers and mergers (ASR 04/17/06).

Although the R20 still reserves the right to return with a bid within six months if another bidder emerges or if the board of Mitchell & Butlers decides to recommend an R20 offer, market sources say it is unlikely.

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