Mathieson makes Wavish pitch to Endeavour shareholders

The news: Billionaire pub baron Bruce Mathieson has upped his campaign to shake up the board at drinks, pubs and pokies group Endeavour, writing a letter to shareholders in support of former Myer chair Bill Wavish.

The numbers: Mathieson owns a 15% stake in Endeavour, which has shed $5.6 billion in market value since August 2022, the Australian Financial Review reports. Endeavour runs 354 hotels, 266 Dan Murphy’s liquor stores and 1435 BWS bottle shops. EDV shares were trading up 0.6% just before 3:30pm AEDT, attracting buyers at up to $5.23.

The context: Mathieson is pushing for Endeavour shareholders to elect Wavish to the company's board, having lost faith in the leadership of chair Peter Hearl and chief executive Steve Donohue.

What they said: "I am deeply concerned about the current and future strategic and operational priorities of the business, and current leadership’s ability to reverse these alarming trends, without fresh ideas in the boardroom," Mathieson wrote in his letter. The vote on Wavish's potential appointment will take place at Endeavour's AGM on 31 October.