The management of Wolverhampton and Dudley Breweries have won their year long struggle to retain control of the company after Pubmaster's hostile £485m bid for the company was narrowly rejected by shareholders. A minority of 47% of the brewery's shareholders had accepted Pubmaster's offer of 513p a share by the deadline last Monday. W&DB chairman David Thompson said: "We are delighted that the majority of our shareholders have rejected Pubmaster's offer and have backed management plans for the business." He added: "Over the last few months, we have set out clear objectives for the development of W&DB, and we are happy to be judged on our achievement of those." W&DB will now focus on restructuring, including the disposal of some pubs and a cut in the number of breweries. The company is expected to raise up to £70m from the disposal of its Pitcher & Piano chain of pubs. {{NEWS }}