Spirit has granted its suitor, Green King, an extra five days to thrash out the details of its £723m takeover.
If the deal goes ahead it will add Spirit’s annual sales of £750m to Greene King’s sales of £1.3bn.
Spirit’s estate comprises 770 managed pubs and restaurants, which were demurred, for a second time, from Punch Taverns in 2011. It has its own plans to add 400 more pubs to the portfolio. Greene King, a 215-year-old brewery which also owns Loch Fyne restaurants, has around 1,900 pubs.
Meanwhile Prezzo, the Italian restaurant chain, has agreed to give Advent and TPG extra time to make a bid for the company. The deadline is now November 14th.
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