Spirit Two in the bush

Is a bird in the hand always worth more than two in the bush? That’s the question Spirit’s private equity backers must ask themselves this week. The highest bidder for the UK pubs group is R20 property tycoon Robert Tchenguiz. His bid of about £2.8bn has trumped rival Punch Taverns, which offered just under £2.7bn, according to a person familiar with the transaction. That’s a big difference when you consider Tchenguiz’s bid values Spirit’s equity at £800m, £150m more than Punch’s bid. But wherea...