Greene King gets deadline extension for Spirit takeover
The deadline has been extended for Suffolk brewer Greene King to either make a firm offer for Spirit Pub Company or else walk away from a deal.
Under Takeover Code rules, Greene King has until 5pm today (30 October 2014) to make its intentions known.
However, Spirit has agreed to extend this to 5pm on 4 November while talks continue.
The move comes less than two weeks after Greene King raised its takeover offer for Spirit. The offer values Spirit at 109.5p per share, up from an original offer of 100p that was rejected in September.
Spirit, which runs the Chef & Brewer and Flaming Grill chains, said it remains "willing to recommend" the offer to its shareholders.
Greene King manages about 2,000 sites including Hungry Horse, Old English Inns and Loch Fyne Restaurants.
Last week, Spirit spurned the advances of Magners maker C&C.
The Irish cider company put a shock offer on the table in an attempt to scupper Greene King's £723m takeover.
Spirit reviewed and rejected the takeover bid.