Fuller's given a bid ultimatum

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Fuller's has made an "indicative" offer at 200p a share to acquire the company behind 35 of London's best pubs.

Capital thinks this is an attempt to acquire a growing business on the cheap and has refused to enter talks.

Today the Takeover Panel, the watchdog for such disputes, ruled Fuller's must "announce a firm intention" to make a formal offer by August 1, or else move on. If it doesn't bid by then, it won't be able to make another offer for six months.A rival bidder may emerge for Capital.