(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.
Spirit Pub has a market value of just over 700 million pounds.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)