Extra time at the bar.
Pub groups Spirit and Greene King have agreed a one week extension to the Takeover Panel's "put up or shut up" deadline as Greene King continues to weigh a possible offer, the FT's Claer Barrett writes**.
The two groups now have until 5pm on 4 November to continue their discussions.
On Thursday, the Spirit board reiterated that it was "willing to recommend" Greene King's revised proposed offer, a ratio based on Greene King's share price, plus cash which values the group at around £750m, but added:
This remains subject to the satisfactory resolution of the other terms of the possible offer.
If the merger goes ahead, it would create the largest managed pubs group in the UK. Spirit has recently rejected a rival approach from Dublin-based C & C, the maker of Magners cider.