Oct 20 (Reuters) - British pub chain Spirit Pub Company Plc said its board was in talks with ale maker Greene King Plc regarding the revised 109.5 pence per share takeover offer, valuing Spirit Pub at 723.3 million pounds ($1.16 billion).
The renewed cash-and-stock offer of 109.5 pence per share represents a 20 percent premium to the stock’s closing price of on Friday.
Under the revised proposal, Spirit Pub shareholders would own about 29 percent of combined new Greene King, the company said in a statement on Monday.
Spirit Pub last month rejected a 661 million pounds takeover approach from Greene King, which runs breweries as well as pubs, saying the offer undervalued the company. ($1 = 0.6213 British pound) (Reporting by Aastha Agnihotri in Bangalore; Editing by Gopakumar Warrier)