UPDATE 3-Costa Coffee to break from Whitbread after investor pressure [Reuters (UK)]
Morgan Stanley (MS)
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Source: Reuters
Costa Coffee to break from Whitbread after investor pressure | Reuters 4 Min Read LONDON (Reuters) - Costa Coffee will be spun off as an independent business after owner Whitbread ( WTB.L ) yielded to pressure from hedge fund investors who saw value in breaking up a group that also runs the Premier Inn hotel chain. Costa Coffee, second in the global coffee shop market after Starbucks Corp ( SBUX.O ), had attractive long-term international opportunities, Whitbread said. The move will leave former brewing group Whitbread with its Premier Inn hotels and Beefeater and Brewers Fayre restaurants once the split is completed within 24 months. Investors, lead by activists Paul Singer’s Elliott and U.S.-based Sachem Head, have been pressuring the British company to split itself up to help unlock value. “We are confident that both Premier Inn and Costa will soon be businesses of sufficient strength, scale and capability to enable them to thrive as independent companies,” Chief Executive Alis
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