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| Version 1 | Version 2 |
|---|---|
| Greene King agrees to buy Spirit Pub Company | Greene King agrees to buy Spirit Pub Company |
| (about 5 hours later) | |
| Spirit Pub Company, which owns Chef & Brewer, has agreed to a £774m takeover offer from Greene King. | Spirit Pub Company, which owns Chef & Brewer, has agreed to a £774m takeover offer from Greene King. |
| Suffolk-based Greene King has 1,900 pubs and restaurants, including the Hungry Horse and Loch Fyne chains. The combination with Spirit will form a group of 3,000 pubs. | |
| The new offer - a mixture of cash and shares - values Spirit at 115p per share, up from an original offer of 100p that was rejected in September. | The new offer - a mixture of cash and shares - values Spirit at 115p per share, up from an original offer of 100p that was rejected in September. |
| The deal requires shareholder approval. | The deal requires shareholder approval. |
| There have been other expressions of interest in Spirit, including from C&C, the owner of the Magners cider brand. | There have been other expressions of interest in Spirit, including from C&C, the owner of the Magners cider brand. |
| Move to food | Move to food |
| Greene King's move is part of its shift into restaurants and pubs that serve food. | Greene King's move is part of its shift into restaurants and pubs that serve food. |
| Under chief executive Rooney Anand, Greene King - which was formed in 1799 - has been reorganising its pubs estate. In May, it sold 275 tenanted and leased pubs to Hawthorn Leisure. | Under chief executive Rooney Anand, Greene King - which was formed in 1799 - has been reorganising its pubs estate. In May, it sold 275 tenanted and leased pubs to Hawthorn Leisure. |
| In July, Greene King announced preliminary annual profits of £105m, down 5% on the previous year. | In July, Greene King announced preliminary annual profits of £105m, down 5% on the previous year. |
| Restaurants saw a 4.1% rise in profit, while profit growth at pubs was up just 2.2%. | Restaurants saw a 4.1% rise in profit, while profit growth at pubs was up just 2.2%. |