C&C Group, the Irish producer of Magners, has announced today that it does not intend to proceed with its offer for Spirit Pub Company as a combination with Spirit no longer meets the firm's risk adjusted return criteria.
This official announcement now leaves the way clear for Greene King to proceed with its £773.6m acquisition of the company.
C&C Group manufactures Bulmers, the leading Irish cider brand, Magners, the premium international cider brand, Gaymers cider and the Shepton Mallet Cider Mill range of English ciders and the Tennent's beer brand.
The firm’s Irish wholesaling subsidiary, Gleeson Group, owns and manufactures Tipperary Water and Finches soft drinks.