- Premier Inn hotel chain owner Whitbread said it had completed a £2.5bn capital return programme that was funded by the sale of its Costa coffee business.

The company said £2bn would be returned to shareholders via a purchase of its own shares at a strike price of 4,972 pence per share.

The balance of the £2.5bn comprised previous share buyback programmes.

It was expected that the tender offer would become unconditional on the morning of 23 July.

Whitbread said the tender offer was oversubscribed and the aggregate value of shares validly tendered at a price below or at the strike price exceeded £2bn.

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