Greene King has increased its bid for Spirit Pub Company after a 100p per share offer was rejected last month.
Spirit shareholders have now been offered 109.5p per share, prompting the company’s board to say it will accept the bid if other terms can be agreed.
Under the terms of the deal, Spirit shareholders would own a 29% stake in the combined new company.
The parties have agreed an extended deadline of 30 October to conclude discussions, at which time Greene King will either have to make a firm offer or withdraw its interest.
