Spirit agrees to takeover deadline extension
The deadline has been extended for Greene King to either make a firm offer for Burton-on-Trent-headquartered 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.
Suffolk brewer Greene King manages about 2,000 sites including Hungry Horse, Old English Inns and Loch Fyne Restaurants.