UK: Nottingham Hardys & Hansons is to be taken over by Greene King for £270 million
Another historic brewer looked set to be taken over June 15, after Greene King unveiled a £270 million deal for 174-year-old Hardys & Hansons, This is Money posted June 15.
The deal brings the number of pubs Greene King owns close to 2,700 and crucially brings its estate closer to the territory dominated by arch rivals Wolverhampton & Dudley Breweries, which was also believed to be in the race to acquire H&H.
H&H owns 268 pubs located throughout the East Midlands, with 83 managed houses and 185 tenanted sites.
Announcing the agreed takeover, Rooney Anand, chief executive of Greene King said: "We believe this is a fair offer for Hardys & Hansons, a company we have long admired for its high quality estate, strong management team, dedicated staff and heritage."
The offer was consistent with Greene King's strategy to deliver shareholder value by "augmenting our organic growth with selective acquisitions that improve the overall quality of the group", he added.
James Muir, chairman of Hardys & Hansons, said the offer "represents excellent value for our shareholders and Greene King represents an excellent home for the business."
According to a source close to deal, the board directors and family shareholders of H&H "couldn't believe they could have gone to a better home. They saw that Greene King shared the same values as themselves".
Speculation surrounding Hardys & Hansons has raged for some months and at the beginning of last week the group's share price rose sharply, forcing the brewer to announce to the Stock Exchange it had received a number of approaches.
Meanwhile, The Campaign for Real Ale called June 15 on shareholders of Hardys & Hansons to reject the takeover offer from Greene King and draw a line in the sand on behalf of beer consumers.
The consumer group also said the reintroduction of the Guest Beer Right is vital in order to protect consumer choice in the light of recent takeovers and mergers.
The offer to buy Nottingham based Hardys & Hansons is the latest in a series of acquisitions that has seen Greene King devour ten rivals in ten years.
CAMRA Chief Executive Mike Benner said: “If this deal goes through, history has shown us that Hardys & Hansons' brewery and beers will not be in safe hands. Now is the time for the shareholders who truly care about this excellent brewery with more than 174 years of history to make a stand and reject this offer.
“Today's announcement made scant reference to the future of the beers, the brewery or the staff. We believe if the shareholders don't block this now, Hardys & Hansons will be chewed up and spat out like so many before it.”
CAMRA is concerned that the acquisition of Hardys & Hansons 268 strong pub estate would take the number of pubs owned by Greene King and selling its beers to around 2680 nationwide. Having such a massive presence can only be damaging to consumer choice.
Mike Benner continued: “In 2002 CAMRA warned the Government that the abolition of the Guest Beer Right would result in a series of mergers and takeovers that would undermine competition and consumer choice. Do we want to find ourselves in a situation where every other pub sells only Greene King IPA? The Guest Beer Right must be reintroduced before it is too late so that licensees can sell a beer of their choice to preserve the future for independent breweries.”
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