Wolverhampton & Dudley Breweries, the brewer and pub operator, is still in discussions "with a number of parties" about a possible takeover or management buyout, it said today.
The group announced a "strategic review" in October last year to look at how it could make the most money for its shareholders.
The review included drawing up an internal plan to boost profitability as well as looking at various bids for the company.
W&D’s move came after a £470m bid from Robert Breare’s Noble House Leisure in August.
The company also reported today that like-for-like sales in its pubs in the 14 weeks to 6 January were down by 2.4% on the previous year.