Slaughter and May is advising Whitbread on its tender offer to return up to £2 billion to shareholders

Slaughter and May is advising Whitbread PLC (“Whitbread”) on its proposed return of up to £2 billion to shareholders by way of a tender offer, as the second phase of a return of capital programme following the sale of Costa to The Coca-Cola Company.  The tender offer is conditional on approval by Whitbread shareholders and is expected to open on 20 June 2019.

The first phase of the return has already been completed, with approximately £480 million returned to through the Company's share buyback programme, which ended on 10 May 2019.