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Call For Safeguards If Accommodation Rental Rules Are Relaxed

Greene King

Greene King

Spirit Pub Company has released an Update stating that it received a revised proposal from Greene King on 18 October 2014 regarding a possible offer for Spirit, and that it would be willing to recommend an offer at the level of the proposal ‘subject to the satisfactory resolution of the other terms of the offer’.

The Revised Proposal comprises 0.1322 Greene King shares per Spirit share and a cash payment of 8 pence (including any 2014 final dividend) representing an indicative value of approximately 109.5 pence per Spirit share based on the closing price of Greene King shares on 17 October 2014. Under the Revised Proposal, Spirit shareholders would own approximately 29 per cent of the combined new Greene King.  The Revised Proposal remains conditional on, amongst other things, confirmatory due diligence and the recommendation of the Board of Spirit.

‘Willing to recommend’

The Board of Spirit has indicated to Greene King that it would be willing to recommend an offer at the level of the Revised Proposal to Spirit shareholders subject to the satisfactory resolution of the other terms of the offer. Accordingly, the Board is in discussions with Greene King in relation to these terms.

In accordance with the Takeover Code, Greene King has until 5.00pm on 21 October 2014 to announce either a firm intention to make an offer for Spirit or that it does not intend to make an offer.  With the consent of the Takeover Panel, Spirit has agreed to an extension of the relevant deadline until 5.00pm on 30 October 2014 to enable the parties to conclude their ongoing discussions.

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