30 September, 2005

UK: Greene King declared its offer for Belhaven unconditional

British beer maker, Greene King, has declared its offer for Scottish operator Belhaven unconditional after winning overwhelming shareholder support for the deal, The Publican has published on September 30.

In all, 85.6 % of Belhaven shareholders had committed to the 625p a share offer by the second deadline for acceptances on Thursday.

The offer will remain open, with Greene King aiming to reach the 90 % threshold, which will allow it to compulsorily purchase any remaining Belhaven shares.

The deal values Belhaven's 230 pub operation, along with beers including flagship ale Belhaven Best, at £187m. Greene King faced protests from CAMRA, which called on shareholders to reject the offer. The new owner has pledged to preserve the Belhaven brand and brewing operations in Scotland.

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