🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Spirit Pub rejects bid from Irish cider maker C&C

Published 23/10/2014, 19:48
Spirit Pub rejects bid from Irish cider maker C&C
GNK
-
GCC
-
SPRTC
-

(Reuters) - Britain's Spirit Pub Co Plc said it had rejected a takeover proposal from Irish cider maker C&C Group Plc.

Spirit Pub, which is engaged in takeover talks with brewer and pub owner Greene King Plc, said C&C, the maker of Magners and Bulmers, had until Nov. 20 to announce a firm offer.

Greene King has offered to buy Spirit Pub in a cash-and-stock deal valued at 723 million pounds.

The details of the C&C proposal were not disclosed, but the Times newspaper reported that C&C was offering 115 pence per share in cash and stock, with at least a third in cash.

This would top Greene King's offer of 109.5 pence per share, comprising 8 pence in cash and 0.1322 Greene King shares for every Spirit share.

Spirit Pub and C&C representatives were not available for comment. A spokeswoman for Greene King declined to comment.

© Reuters. To match Reuters Life! BRITAIN-PUBS/

Spirit Pub has a market value of just over 700 million pounds.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.