Vote on Greene King’s £774m takeover bid

Greene King’s £774 million takeover offer of the Spirit Pub Company is expected to be approved by shareholders today.

The acquisition - first announced in November 2014 - would see 1,227 pubs added to Bury St Edmunds-based Greene King’s portfolio of more than 1,900 pubs and restaurants.

The offer, which is in line with the company’s increasing shift towards food, is conditional on approval by Greene King and Spirit shareholders, both of whom are due to vote later today.

Rooney Anand, CEO of Greene King, said: “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.”

Greene King’s restaurant brands include Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood and Grill.

Spirit, which has ‘significant exposure’ in London and the South East region, owns Fayre & Square, Chef & Brewer and Flaming Grill.