Slaughter and May is advising Spirit Pub Company Plc, one of the UK’s leading pub companies, on a recommended offer by Greene King Plc. Under the terms of the offer, Spirit shareholders will receive 0.1322 new Greene King share for every Spirit share they own, and 8p in cash payable as a dividend by Spirit. The offer values Spirit at £773.4 million, a premium of 52.2% to Spirit’s undisturbed share price.

The offer, which was announced on 4 November 2014, is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 and will be subject to, among other things, the approval of the Competition and Markets Authority and the approval of Greene King’s and Spirit’s shareholders.

It is expected that the scheme of arrangement will become effective and the offer will complete in the first half of 2015.

CONTACTS

Corporate: Richard Smith (partner), Murray Cox (associate), Claire Jackson (associate), Mike Mutsaers (trainee); Competition: Bertrand Louveaux (partner), William Turtle (associate), Emma Griffiths (associate); Financing: Guy O’Keefe (partner), Richard Jones (partner), Andrew Williams (associate); Pensions and Employment: Roland Doughty (partner), Valerie Kemp (trainee); Tax: Sara Luder (partner), George Mitchell (associate)