23rd Sep 2014 13:46
LONDON (Alliance News) - Greene King PLC Tuesday confirmed that it has approached the board of Spirit Pub Company PLC over a potential combination of the two companies, following a report in the Financial Times.
Under the UK takeover code the company has until October 21 to either announce a firm intention to make an offer for Spirit or walk away.
No further details of the discussions were disclosed. Earlier Tuesday the Financial Times had reported that Greene King had offered around 110 pence per share for Spirit after an earlier 100 pence bid had been rejected, citing a person familiar with the matter.
Shares in Spirit Pub were trading up 15% following the news at 86.50 pence Tuesday afternoon. Shares in Greene King were trading up 1.0% at 801.17 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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