Freshfields Bruckhaus Deringer and Dickson Minto have won roles on the near-£1bn takeover attempt of pub and restaurant group Mitchells & Butlers (M&B) by billionaire Joe Lewis' Piedmont investment vehicle.

Freshfields is advising M&B on the bid with a team led by corporate partners Chris Mort and Barry O'Brien. The role comes after the City firm, a longstanding adviser to M&B, was appointed as exclusive legal provider for M&B's London work last year.

Dickson Minto is advising Piedmont, with the firm's team headed by finance partner Douglas Armstrong.

M&B directors have said that the offer "significantly undervalues the company" and have recommended that it be rejected.

Piedmont currently holds a 22.8% stake in M&B and had already had one offer rebuffed by M&B in August this year. Elpida, the investment vehicle owned by Irish racing tycoons John Magnier and JP McManus, also holds 
20.1% of M&B.

The M&B portfolio includes brands such as Harvester, Toby Carvery, Vintage Inns, Crown Carveries, Browns, All Bar One and O'Neill's.

The company has come under recent scrutiny over the influence held by Piedmont, which is responsible for the appointment of two members to the board, with a raft of chairmen resigning in 
recent years.

Freshfields also advised M&B in August last year on its £373m disposal of 333 non-core pubs to private equity firm TDR Capital. Outside London M&B has worked with firms including Eversheds.