C&C Group, is expected to withdraw its interest in the Spirit Pub Company next week, leaving the way clear for Greene King’s £1.35bn takeover.
C&C, which makes Magners cider, has until close of play on Tuesday to ‘put up or shut up’, and it is tipped to declare that it will not put a formal counter-offer on the table.
Although the offer made by Spirit was similar to Greene King’s approved offer, it contained a larger cash element, leading analysts to wonder why it was so quickly and firmly rejected.
Greene King’s offer is worth about 106.5p per share.
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