Pub operator Greene King has until 5pm on 4 November to announce a firm intention to take over the Spirit Pub Company, it has been announced, as discussions between the companies continue.
This is further to the announcement on 20 October that Greene King intended to make a possible offer to take over the company, with the Spirit Pub Board having confirmed it would be willing to recommend an offer should it find it satisfactory.
It also marks an extension to the original offer of 5pm on 30 October, thanks to the Spirit Board having agreed that discussions could continue, according to the statement made to the City.
However, there is still no definite confirmation that an offer will be made.
The news is the latest in the continuing development of Greene King's intentions to take over Spirit. The pub giant had upped its offer for Spirit on 20 October, to a value of 109.5p per share, after its initial offer of 100p per share was rejected in September.
Spirit Pub Company has 770 managed pubs, including the Taylor Walker, and Fayre & Square brands, while Greene King has 1,000 managed pubs and over 900 tenanted and leased pubs.