Spirit Pub Company has dismissed an initial offer from Dublin-based cider maker C&C, leaving Green King in pole position to buy the business.
C&C, which makes Magners and Bulmers, as ell as Tennent’s beer, had offered 11.5p per share, valuing Spirit at £760m. It is higher than Greene King’s offer, which values Spirit at £750m. However, Greene King’s offer will give Spirit shareholder a 29% stake in the new business, which will be the UK’s largest managed pub company, while C&C does not own any pubs.
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