Spirit Pub Company has said that an offer from Dublin-based company C&C has been rejected by the board of the company, which is currently in negotiations with rival Greene King.
C&C said buying Spirit would "transform C&C and enhance long-term shareholder value". It added: "C&C's management team is experienced in running a vertically integrated pub and long alcohol drinks business and strongly believe that a combination of C&C's brands with Spirit's high quality, well-located pub estate is the most effective way to optimise shareholder returns in a competitive UK market.”
Spirit is poised to recommend Greene King’s offer to shareholders as long as other terms can be agreed in addition to a price tag of 109.5p per share.