Greene King has until Tuesday to clinch £723m Spirit Pub takeover

 
Oliver Smith
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SPIRIT Pub has agreed to extend the deadline until 4 November for a £723.3m takeover offer from brew­er and pub owner Greene King.

The deadline extension, which was due to expire yesterday, will “enable the parties to conclude their ongoing discussions”, Spirit said yesterday.

Spirit Pub was spun out of Punch Taverns in 2011 and runs pubs such as Fayre & Square and Flaming Grill.

Last Friday, Spirit rejected a higher 115p per share offer from Magners maker C&C Group as it “undervalued Spirit and its attractive prospects”.

Greene King’s latest offer for Spirit last week valued the firm at 109.5p per share, compared with its share price yesterday of 104.5p.

“The board remains willing to recommend an offer at the value of the revised proposal set out in that announcement, but this remains subject to the satisfactory resolution of the other terms of the possible offer,” Spirit Pub said.

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