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  5. C&C confirms end of Spirit pursuit, leaving way clear for Green King

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Share Price Information for C&C Group (CCR)

London Stock Exchange
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Share Price: 155.00
Bid: 155.00
Ask: 155.60
Change: -14.20 (-8.39%)
Spread: 0.60 (0.387%)
Open: 147.00
High: 155.60
Low: 146.60
Prev. Close: 169.20
CCR Live PriceLast checked at -

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C&C confirms end of Spirit pursuit, leaving way clear for Green King

Tue, 06th Jan 2015 15:29

Irish drinks maker C&C Group has called off its pursuit of Spirit Pub Company, as recently rumoured, leaving the way clear for Greene King to complete its recommended £723m takeover.C&C, which makes Magners, Bulmers and Gaymers ciders as well as Tennent's lager, said a combination with Spirit no longer met its acceptable valuation.Previously, it had said a deal to buy Spirit, which it described as one of the highest quality pub estates in the UK, would transform the Irish company and enhance long-term shareholder value by improving revenue and cost savings, giving the combined business more strategic and operating options, and other benefits. It said a deal was "most effective way to optimise shareholder returns in a competitive UK market".The Dublin-based company said it no longer intended to proceed with an offer "as a combination with Spirit no longer meets the group's risk adjusted return criteria".In October C&C made an initial approach to Spirit and was in talks about a possible offer before pub group and brewer Greene King stepped in with a £723m bid that Sprit accepted with conditions.This was later, after Spirit deflected a bigger bid from C&C worth 115p per share, increased by Green King to a £773.6m firm bid.Analysts said the potential savings from a tie-up between C&C and Spirit were likely to be limited, while savings from a combination of Spirit and Greene King would be material.
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