SPIRIT Pub Company has rejected a takeover bid from Magners maker C&C Group, it emerged last night. It will instead move forward in a deal with rival Greene King.
Spirit said in a statement that it had “reviewed the proposal and rejected it”. C&C had made an attractive offer for the company yesterday despite currently owning no pubs, thought to be worth 115 pence per share compared to Greene King’s 109.5 pence offer.
Greene King, which makes Old Speckled Hen and Abbot Ale, upped its bid for Spirit on Monday from 100 pence per share to 109.5. This offer was accepted. Rejecting the original offer Spirit said in a statement that Greene King had “undervalued Spirit and its attractive prospects”.
Shares were up at both Greene King and Spirit, but took a tumble at C&C last night.