Thu 30th Oct 2014 - Spirit agrees extension to Greene King offer deadline Spirit agrees extension to Greene King offer deadline: Spirit Pub Company has reported this morning that it remains in discussions with Greene King over a provisionally agreed bid for the company by the Suffolk-based brewer and retailer. An extension to the bid deadline has been agreed. Greene King has offered 109.5p per share, with an 8p cash element. An alternative approach by Magners producer C&C Group has been rejected by the Spirit board. Spirit stated this morning: “Further to the announcement on 20 October 2014 regarding a possible offer for Spirit by Greene King, the Board of Spirit remains in discussions with Greene King regarding the terms of the possible offer. The Board remains willing to recommend an offer at the value of the revised proposal set out in that announcement, but this remains subject to the satisfactory resolution of the other terms of the Possible Offer. In accordance with Rule 2.6(a) of the Takeover Code, Greene King has until 5.00pm on 30 October 2014 (or such later time and/or date as may be agreed by the Takeover Panel) to announce either a firm intention to make an offer for Spirit or that it does not intend to make an offer. With the consent of the Takeover Panel, Spirit has agreed to an extension of the relevant deadline under Rule 2.6(c) of the Takeover Code until 5.00pm on 4 November 2014 to enable the parties to conclude their ongoing discussions. This deadline may be extended further with the consent of the Takeover Panel, at Spirit’s request, in accordance with Rule 2.6(c) of the Takeover Code. There can be no certainty that any firm offer will be made.” Yesterday, C&C Group chief executive Stephen Glancey admitted surprise at how quickly the company’s offer had been turned down by Spirit. The company also hinted that there are other UK pub assets it was interested in.