By Marcus Leach

Fuller, Smith & Turner, the brewers, have had a £54 million bid to take over the Capital Pub chain rejected.

In March Fuller's had offered Capital Pub Company 175p per share, in cash, before increasing the offer to 200p a share

"Fuller's would like to work towards a recommended transaction and establish a constructive dialogue with Capital," Fuller's said in its statement to the London Stock Exchange.

Fuller's laid out their rationale for the offer, highlighting the fact Capital's growth strategy would more than likely require further equity insurance.

"Any offer by Fuller's would provide Capital shareholders with the certainty of a cash exit in the near term at a substantial premium," the statement said.

"Fuller's is therefore disappointed that Capital's Board has declined to engage with it so far."

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