C&C Group plc, the manufacturer, marketer and distributor of branded cider and beer, has announced that it does not intend to proceed with an offer for Spirit Pub Company plc as a combination with Spirit no longer meets the Group’s risk adjusted return criteria.
This leaves Greene King’s agreed offer for Spirit Pub Company free to proceed, with completion of the deal possible in mid-2015.
Commenting in November at the time of the Offer, Rooney Anand, CEO of Greene King, said:
“The proposed acquisition represents a key step towards our objective of building the best pubs and beer business in the UK. This exciting combination of the Spirit business with Greene King accelerates our momentum and is in line with our stated strategy of further improving the quality of our pub estate and increasing exposure to the growing eating-out sector.
“This offer represents a fair price for Spirit’s high quality estate that fits well within the Greene King portfolio on both a brand and geographic basis, expanding our presence in the attractive London and South East area. The combined business will deliver the best pub portfolio in the UK as we combine high quality pub assets, industry-leading brands and talented hospitality teams. We believe this acquisition will drive attractive long term returns for both sets of shareholders, with the combined business benefitting from significant operational efficiencies and cost savings.”
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