Greene King offers to buy Hardys
Greene King has unveiled an agreed offer to buy Hardys and Hansons for £271m.
The Suffolk-based brewer will pay shareholders £10.59 a share - Hardys shares were trading at £7.33 a share before takeover talk caused the shares to rise on Monday.
Hardys, which has 83 managed and 185 tenanted pubs, said the offer represented "excellent value" for its shateholders.
Commenting on the proposals, Rooney Anand, chief executive of Greene King, said: "We believe this is a fair offer for Hardys & Hansons, a company we have long admired for its high quality estate, strong management team, dedicated staff and rich heritage.
"It represents a unique opportunity for us to achieve presence and scale in the East Midlands market, where we have been under-represented to date."
He added: "Both Greene King and Hardys & Hansons are integrated operators with proud histories and similar cultures.
"Not only does Hardys & Hansons' business complement ours; we understand and value its heritage."
James Kerr-Muir, chairman of Hardys & Hansons Holdings Limited, said:"Hardys & Hansons and Greene King are two businesses which complement one another operationally, geographically and culturally.
"Hardys & Hansons' high quality pub estate is a natural fit with that of Greene King.
"Our regional ale brands will add to Greene King's strong portfolio of brands and there will be attractive new opportunities for our tenants and employees.
"The offer represents excellent value for Hardys & Hansons' shareholders and Greene King represents an excellent home for the business where both Hardys & Hansons and its people will be able to continue to develop and expand."
Commenting on the proposals, Patrick Helps, chairman of Hardys & Hansons said: "This is an extremely attractive offer for shareholders reflecting the value inherent in the current Hardys & Hansons business and its foreseeable prospects.
"It is a watershed in the company's 174 year history. However, we could not have wished for a better owner than Greene King to continue Hardys & Hansons' heritage, culture and successful business model."
