Greene King Plc agreed to buy Spirit Pub Co. for about £773.6 million ($1.2 billion) after the bar owner rejected an approach from C&C Group Plc, the maker of Magners cider.
Investors will receive 0.1322 new Greene King share and 8 pence in cash for every Spirit share they own, the companies said in a statement today. That values each share at 115 pence, 7.5 per cent more than yesterday’s closing price.
Greene King raised its bid after Spirit rejected an approach worth 100 pence a share in September. C&C made a preliminary approach, which the bar owner rejected, Staffordshire, England-based Spirit Pub said 24 October.