(Alliance News) - Greene King PLC said Thursday its proposed acquisition by Hong Kong-listed property developer CK Asset Holdings Ltd has received clearance from the European Commission.
In August, the FTSE 250 pub retailer accepted the 850 pence per share cash offer from CK Asset, which valued Greene King's issued share capital at GBP2.7 billion. Including debt, Greene King has a total value of GBP4.6 billion.
The acquisition is now subject to being sanctioned by the High Court of Justice In England & Wales, the hearing for which will take place on October 29.
Should the court sanction the scheme, it will become effective on October 30, with Greene King's shares being cancelled the day after.
Shares in Greene King were up 0.2% at 849.4 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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