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Canaccord Genuity lowers Greene King to 'hold' following CK Noble offer

Tue, 20th Aug 2019 11:00

(Sharecast News) - Analysts at Canaccord Genuity raised their target price on British landlord Greene King on Tuesday, but lowered their recommendation for the firm's shares from 'buy' to 'hold' following the previous session's accepted offer from CK Noble.
Shares of Greene King surged on Monday aftr the pub group agreed to be bought by a subsidiary of CK Asset Holdings, the flagship of the CK Hutchison Group, for 850.0p a share in cash - the broker's new target price.

Following the announcement, the Canadian broker took a fresh look at its numbers on Greene King, pointing out that the offer was at "a substantial premium" to its previous 670.0p share price target.

But Canaccord Genuity wondered if there was still a possible counter-bidder to be flushed out, noting that it had long held the view that the major asset-intense pub companies were potential targets for major brewers wishing to enter the UK market, with the most obvious bidder being Molson Coors.

"If any brewer is interested in extending its position in the UK market, they need to hurry up," said Canaccord, which also pointed out that somewhat unsurprisingly, the share prices of other pubcos, Wetherspoon, Marston's and Mitchells & Butlers all reacted positively to the news.
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26 Apr 2021 15:20

Pubs and restaurants trade solidly post-lockdown - survey

(Sharecast News) - Britain's pubs and restaurants made a solid start to post-lockdown trading in England after they were allowed to serve customers outdoors, a survey indicated.

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3 Jan 2021 21:22

Sunday newspaper round-up: Restrictions, Brexit deal, Tax

(Sharecast News) - Sir Keir Starmer has urged Boris Johnson to bring in new national Covid restrictions within the next 24 hours. The Labour leader said the virus was "clearly out of control", as he insisted that it was "no good the Prime Minister hinting that further restrictions are coming into place in a week, or two or three. That delay has been the source of so many problems," he said. "So, I say bring in those restrictions now, national restrictions, within the next 24 hours." - Sunday Telegraph

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7 Oct 2020 14:08

Greene King to axe 800 jobs, close 79 pubs & restaurants

(Sharecast News) - Pub operator Greene King said it was cutting up to 800 jobs and closing 79 pubs and restaurants, blaming the government's new Covid-19 curfew and impending end of the job furlough scheme.

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6 Apr 2020 13:03

Pubs regulator to probe companies on Covid-19 help for tenants

(Sharecast News) - The pub industry regulator said it had written to all companies under its jurisdiction asking why they have not waived rent for tenants and demanded to know what support they are providing during the coronavirus crisis.

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17 Oct 2019 13:09

EU clears Greene King acquisition

(Sharecast News) - Greene King said on Thursday that the European Commission has cleared its £2.7bn takeover by Hong Kong's CK Asset Holdings.

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17 Oct 2019 12:29

Greene King Acquisition By CK Asset Gains European Commission Approval

Greene King Acquisition By CK Asset Gains European Commission Approval

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9 Oct 2019 12:06

CK Asset Holdings shareholders back Greene King takeover

(Sharecast News) - Shareholders of Hong Kong's CK Asset Holdings have approved its £2.7bn takeover of London-listed pub chain Greene King.

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9 Oct 2019 09:30

BROKER RATINGS SUMMARY: Morgan Stanley Cuts HSBC; Investec Raises RBS

BROKER RATINGS SUMMARY: Morgan Stanley Cuts HSBC; Investec Raises RBS

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2 Oct 2019 16:07

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

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27 Sep 2019 18:18

Capital Group Cuts Whilst JPMorgan Builds Greene King Stake

Capital Group Cuts Whilst JPMorgan Builds Greene King Stake

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18 Sep 2019 12:06

Li Family Declares Support For Greene King's GBP4.6 Billion Takeover

(Alliance News) - Pub firm Greene King PLC on Wednesday said the Li family, a major shareholder, is to vote in favour of the firm's acquisition.The Li family trusts own just over 31% of

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13 Sep 2019 07:53

UPDATE 3-Pink gin with strawberries: Wetherspoon patrons defy Brexit gloom

* Sales of coffee, real ale and gin boost results* J D Wetherspoon keeps drink prices low* Costs remain high (Adds further CEO quotes)By Noor Zainab Hussain and Paul SandleLONDON, Sept 13 (Reuters) - J D Wetherspoon's eurosceptic boss said customer...

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13 Sep 2019 07:53

UPDATE 2-Pink gin with strawberries: Wetherspoon patrons defy Brexit gloom

* Sale of coffee, real ale and gin boost results* J D Wetherspoon keeps drink prices low* Costs remain high (Adds chairman, analyst comments)By Noor Zainab HussainSept 13 (Reuters) - J D Wetherspoon's pretax profit rose in the full year as its "che...

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12 Sep 2019 08:49

RPT-Foreign trophy hunters scent bargains in Britain as pound weakens

(Repeats with no changes to text)* HKEX's offer for LSE latest in rush of inbound UK M&A* Foreign firms taking advantage of weakened pound* Analysts expect more M&A before Brexit deadline* 532 inbound deals in 2018, 2-1/2 times more than 2017By Josep...

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11 Sep 2019 17:10

Foreign trophy hunters scent bargains in Britain as pound weakens

* HKEX's offer for LSE latest in rush of inbound UK M&A* Foreign firms taking advantage of weakened pound* Analysts expect more M&A before Brexit deadline* 532 inbound deals in 2018, 2-1/2 times more than 2017By Josephine Mason, Thyagaraju Adinarayan...

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