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Tue 23rd Sep 2014 - Spirit – we turned down 100p offer from Greene King
Spirit – we turned down 100p offer from Greene King: Spirit Pub Company has responded to news of an approach from Greene King by confirming it rejected a 100p-a-share offer. The company stated: “On 15 September 2014 the Board received a highly preliminary and conditional approach from Greene King regarding a possible offer for Spirit at a value of 100 pence per Spirit share in Greene King shares. The Board reviewed the Proposal in detail and concluded that it undervalued Spirit and its attractive prospects. Accordingly, the Proposal was rejected on 18 September 2014. As announced on 3 September 2014 in the fourth quarter trading update, Spirit continues to deliver strong performance across both the Managed and Leased estates with market leading like-for-like growth and attractive returns on investment. Spirit has a successful strategy of delivering growth through investment in its brands, people, infrastructure and estate, including the acquisition of new pubs. The Board remains fully confident in the ongoing execution of Spirit’s strategy as an independent company and that its successful delivery and strong balance sheet will create significant value for shareholders. As required by Rule 2.6(a) of the Takeover Code (the “Code”), Greene King is required, by not later than 5.00pm on 21 October 2014, to either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. This statement is being made by Spirit without the prior agreement or approval of Greene King. There can be no certainty that any offer will be made nor as to the terms of any offer. Shareholders are strongly advised to take no action.” A combination of the two companies would create a circa 1,900 strong managed estate and around 1,300 tenanted and leased pubs, creating the largest managed pub company in the UK and the third largest tenanted estate in the UK behind Punch and Enterprise Inns. The Financial Times has reported that Spirit has hired advisors.
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