Greene King gets offer deadline extension for Spirit Pub Co deal
Greene King now has until next Tuesday to submit a firm bid for Spirit Pub Co
Spirit Pub Co's board has agreed to give Greene King an extension until next Tuesday to make a firm offer for the company.
The original offer deadline was today at 5pm GMT, but this has now been stretched after the UK's Takeover Panel agreed the move. Spirit, which operates around 1,200 UK on-trade outlets, said it “remains in discussions” with the Suffolk-based brewer and pub operator.
“The board remains willing to recommend an offer at the value of the revised proposal set out in that announcement, but this remains subject to the satisfactory resolution of the other terms of the possible offer,” Spirit said in a statement today.
Greene King was last week forced to up its offer for Spirit to GBP723m (US$1.16bn) after a previous proposal was rejected last month.
Irish drinks group C&C had also approached Spirit about a possible offer, but the move was swiftly knocked back by Spirit. Stephen Glancey, C&C's CEO, yesterday branded the speed of the rejection as “puzzling”.
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