27th Oct 2014 06:29
LONDON (Alliance News) - C&C Group PLC is understood to be seeking a partner to make a full cash bid to buy Spirit Pub Company PLC and hijack the takeover of the company by Greene King PLC, The Sunday Times reported.
C&C confirmed on Friday that it had made a preliminary bid for Spirit, which the latter said the day before it had turned down, and the news of the bid sent shares in C&C spiralling lower on the back of concerns the bid for Spirit indicated a possible strategic shift for the Ireland-based maker of Magners cider and Tennent's lager.
After the share price fall on Friday, C&C is thought to have started considering teaming with another bidder in order to make an all-cash offer for Spirit. Earlier last week, Spirit said it would recommend a rival offer made by FTSE 250-listed Greene King.
http://www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1475679.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
C&C GroupGreene King