Pubs and bottleshops operator Australian Leisure and Hospitality Group Ltd (ALH) said its shares were placed in a trading halt following press speculation about the possible valuation of its shares by an independent expert.
ALH is subject to a $2.75-per-share bid from Bruandwo Pty Ltd, a joint venture between retailer Woolworths Ltd and Victorian pubs operator The Bruce Mathieson Group, which values ALH at about $970 million.
ALH has rejected the Bruandwo offer as opportunistic and grossly inadequate.
ALH has engaged KPMG Corporate Finance (Aust) Pty Ltd to supply the independent expert's valuation of ALH to be included in ALH's target's statement.
ALH on Wednesday asked for the trading halt until the start of trading on Thursday, 12 August.
"By this time, ALH expects to release its target's statement including the report of its independent expert," ALH said.
ALH shares were two cents higher at $3.07 when the halt was put in place.