Spirit Pub Share Discussion Threads

[timbo003] 21/11/2014 07:49

C&C may now be looking for alternatives. I suspect they are after a managed pub estate rather than leased/tenanted

Of there quoted pub groups M&B would seem the next nearest thing, but they might be a bit of a mouthful (£2.9Bn debt to digest)


In the private sector, they might make enquiries about Stonegate, which own over 600 managed pubs (Stonegate are controlled by TDR Capital who have been looking into doing an IPO for Stonegate recently)

[odochartaigh] 21/11/2014 07:07

I take it C&C decided to walk away so??

[libertine] 20/11/2014 11:05

Today is the final day that C&C can come back with a counter bid or walk away.

[exbroker] 29/10/2014 15:10

C&C look like a company that needs the Sprint deal to rescue them from sales stagnation and the board are qualified to do it, but at what price for Sprint?
If they do issue paper expect the company to be re registered in the UK and thus eligible to be in the FTE250 Index in due course.Or maybe no deal who knows!!!

[timbo003] 29/10/2014 09:51

Lack lustre results from C&C this morning with "earnings growth in our core businesses of Ireland and Scotland offset by challenges in the US and England & Wales".



This what they had to say about Spirit:

C&C has a differentiated multi-beverage model in Ireland & Scotland ensuring a resilient base for sustainable operating profit and free cash flow. This combined with our inherent balance sheet strength provides optionality on capital deployment. Prospective investment opportunities will always be driven by strategic fit and long term shareholder value.

With this in mind the Group approached the Board of Spirit Pub Company with a preliminary approach which was subsequently rejected by the Spirit Board. Our route-to-market capability in Ireland & Scotland is not matched in England and Wales and the concept of vertical integration in the sector is well established. Against this backdrop the Group are of the view that our commercial interests could be materially enhanced through direct participation in the management of high quality retail assets. Such models are well established in the UK and over time the combination of cash flow from branded alcohol together with excellent retail outlets have provided sustainable returns for shareholders. Such a combination would provide the Group with the enhanced position in an important consumer market while offering a range of commercial options across all our domestic markets.

Under the takeover code given the Spirit situation no new operating profit guidance can be provided. The Board are proposing an interim dividend of 4.5 cent per share representing 4.7% growth on last year.'

[timbo003] 25/10/2014 13:31

>>>>odo

I think the value of the Green King offer has increased recently with their increasing share price (776p on Oct 17th to 798p on Oct 23rd), so there would have been little (if any difference) between the value of the Green King and C&C offers, also I suspect the Spirit BOD were fairly confident that C&C would come back with an improved offer if they rejected them the first time. When it comes to haggling, nobody never starts off with their best offer.

There's a write up in the Morning Advertiser today which suggests C&C will come back with a revised offer, they have until Nov 20th to put up, or shut up.

[odochartaigh] 24/10/2014 16:50

Any ideas why they would turn down a larger offer??

[timbo003] 24/10/2014 08:56

A few more details on C&Cs approach to Spirit here.

It seems that C&C offered £1.15p/share with a bigger cash element.

[timbo003] 23/10/2014 18:33

Counter offer (announced after the close today) from C&C group, the Irish based drinks group, which market brands such as Tennent's Lager and Magners Cider
has been rejected by Spirit.

Bidding battle ahead?

[timbo003] 20/10/2014 07:34

Kombimatic, that rumour is now confirmed (more or less), the offer is mainly paper though, with only 8p of cash (combined worth 109.5p/share). The two companies are now in talks.

[kombimatec] 24/9/2014 17:07

Rumour is there will be a revised offer of £1.10

[jonc] 23/9/2014 17:10

£1 a share rejected.

[abcd1234] 23/9/2014 16:04

combination,,,, but at what price for Spirit.. ??
..any opinions??
t.i.a.

[topinfo] 23/9/2014 14:38

Heres why

TIDMGNK


RNS Number : 4028S





Greene King PLC





23 September 2014





NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION





THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, OR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE.





23 September 2014





For immediate release





Greene King plc ("Greene King") discussions with Spirit Pub Company plc ("Spirit")





In light of recent speculation, the Board of Greene King confirms that it has approached the Board of Spirit in relation to a potential combination of the two companies.





In accordance with Rule 2.6(a) of the Code, Greene King is required, by not later than 5.00 p.m. on 21 October 2014, either to announce a firm intention to make an offer for Spirit in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.





In accordance with Rule 2.10 of the Code, Greene King confirms that as at the date of this announcement, it has in issue 219,002,994 ordinary shares of 12.5p each (excluding ordinary shares held in treasury). The International Securities Identification Number (ISIN) of the ordinary shares is GB00B0HZP136.





A further announcement will be made in due course.





Finsbury Philip Walters T: 020 7251 3801 E: [e-mail]




Dealing Disclosure Requirements





Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.





An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Spirit and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of Spirit or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.





Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of Spirit or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of Spirit or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Spirit and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.





If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of Spirit or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.





Opening Position Disclosures must also be made by Spirit and by any offeror and Dealing Disclosures must also be made by Spirit, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).



Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].



Publication of this announcement





A copy of this announcement will be made available subject to certain restrictions relating to persons resident in restricted jurisdictions on Greene King's website (www.greeneking.co.uk).





This information is provided by RNS





The company news service from the London Stock Exchange





END





MSCBXGDCSXDBGSX





(END) Dow Jones Newswires

[jonc] 23/9/2014 14:33

What's up here then?

[dennisten] 03/9/2014 17:11

Good update today - things moving in the right direction.

[chector177] 02/6/2014 14:56

A bit of a chop today for the share price Any idea why?

[clive205] 10/1/2014 08:10

In case anyone is here .............

[duncan doughnut] 14/11/2013 14:20

I took profits yesterday, looks like a large head and shoulders forming on the chart

[christabel2] 29/9/2013 20:31

Agree with your comment above. Our local Spirt pub has gone downhill. Quite often only one serving at the bar. Tables left uncleared and usually not very nice after "cleaning". Seen many people walk away. Clearly a major issue at senior staff level. Need to sort out problems at coal face. I have sold my shares.

[knowsleyman1] 23/9/2013 20:01

I am NOT an investor here, but had the misfortune to visit one of your pubs on Friday last, The Old Rectory in Stockport.
The staff were worse than abysmal and myself and 2 friends walked out without having anything.
There are clear management issues here and they are bad.
At a loss to see how the share price is moving upwards.

[deadly] 13/9/2013 10:54

Looking strong; from the trading update:
-- A strong final quarter for our Managed pubs; we continue to outperform the market(1)
-- Continued progress in our Leased pubs
-- Innovation trials progressing well in both estates
-- Full year earnings expected to be in line with market expectations

[battlebus2] 19/6/2013 07:57

Yes a decent ims q3 this morning could see us through the 70p mark.

[mr_bluesky] 30/4/2013 18:53

Things still look on track here and another potential bull flag looks to be setting up now as suggested.

Mr Bluesky