18th Sep 2019 12:06
(Alliance News) - Pub firm Greene King PLC on Wednesday said the Li family, a major shareholder, is to vote in favour of the firm's acquisition.
The Li family trusts own just over 31% of the company's shares.
Hong Kong-listed property developer CKA Group had a GBP2.7 billion offer for Greene King accepted in August. Including debt, the offer gave an enterprise value of GBP4.6 million for the pub owner.
CKA is controlled by 91-year-old billionaire Li Ka-shing, who has invested previously in UK firms such as Superdrug and mobile operator Three. He also owns electricity distribution firm UK Power Networks and has invested in luxury London apartment blocks Belgravia Place and Royal Gate Kensington.
Greene King shares were 0.1% higher on Wednesday at a price of 832.80 pence each, with the CKA offer at 850p.