C&C miss out as pub firms agree £773.6m takeover deal
Two of the UK's biggest pub companies are set to join forces after they agreed a takeover deal worth £773.6 million. C&C had expressed an interest in taking-over the firm but had been given a month to challenge the bid.
The acquisition of Chef & Brewer owner Spirit Pub Company by Greene King will create a firm with more than 3,000 managed and leased pubs.
Spirit's board is recommending that its shareholders back the offer from Greene King despite late interest from Magners owner C&C.
Greene King, which dates back to 1799 and has around 1,900 outlets, is prepared to hand Spirit a 29% stake in a combined company.
Spirit has an estate of 794 managed pubs including those under the brands Fayre & Square, Flaming Grill, Taylor Walker and John Barras.
There are also 433 pubs in its leased estate, the majority of which are former managed sites with an average annual net income of more than £100,000.
Greene King chief executive Rooney Anand said the acquisition was a key step towards building the "best pubs and beer business" in the UK.