20 September, 2005

UK: Greene King registers success in its tactic to buy Belhaven

Greene King has effectively succeeded in its move to buy Scottish brewer Belhaven, after fears it might be trumped by a last-minute rival bid, the Publican said on September 16.

Declaring that it had secured acceptances of its 625p per share representing 57.8 % of Belhaven's stock by the offer's first closing date, the Suffolk-based brewer/pubco added it was extending its deadline for acceptances by a fortnight to September 29.

Analysts believed a rival offer may have been tabled in the run up to the first deadline of September 15, but Belhaven shares are now at a discount to its suitor's offer price and the deal now appears to be in the bag.

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