UK: Greene King moves in for Hardys & Hansons
UK brewery and pub group Greene King has today announced a GBP270m (US$498.7m) recommended offer for Hardys & Hansons, which operates pub outlets in the East Midlands.
Suffolk-based Greene King Acquisitions, a subsidiary of Greene King, has offered Hardys & Hansons shareholders GBP10.59 in cash for share held and a cash dividend of GBP.076 per share.
Hardys & Hansons' board has recommended the proposals to shareholders, saying that the offer is "reflecting the value inherent in the current Hardys & Hansons business and its foreseeable prospects."
"We believe this is a fair offer for Hardys & Hansons, a company we have long admired for its high quality estate, strong management team, dedicated staff and rich heritage," said Greene King's chief executive Rooney Anand. "It represents a unique opportunity for us to achieve presence and scale in the East Midlands market, where we have been under-represented to date.
"We are confident we can achieve good levels of synergies from the acquisition. Both Greene King and Hardys & Hansons are integrated operators with proud histories and similar cultures. Not only does Hardys & Hansons' business complement ours, we understand and value its heritage. We look forward to continuing to grow Hardys & Hansons' pub estate and develop relationships with management and staff, tenants, suppliers and customers."
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