The UK Takeover Panel today told a consortium led by US drinks group Constellation Brands that it either bids for Allied Domecq by 5pm on June 29 or walks away for six months.

Allied, which has already recommended a £9.1bn (€13.2bn) cash and shares takeover offer from Pernod Ricard of France, said in a statement this morning that it would continue talking to the consortium about its "highly conditional" approach but was today posting Pernod Ricard's offer document to shareholders.