C&C Group is expected to withdraw its interest in bidding for Spirit Pub Company next week, leaving the way clear for Greene King to complete a recommended £1.35 billion takeover of the Chef & Brewer operator.
The Magners cider maker, which has until the close of play on Tuesday to “put up or shut up” on Spirit, is widely tipped by analysts to declare that it does not intend to put a formal counterbid for Spirit on the table.
C&C surprised the stock market in October when it confirmed that it had made a preliminary approach that was swiftly rebuffed. Although the C&C offer is understood to have put a similar headline value on Spirit as Greene King’s proposal, it contained a greater cash element,