(Reuters) - Britain's Spirit Pub Company Plc (L:SPRTC) said it had agreed to extend the deadline for a 109.5 pence-per-share takeover offer from brewer and pub owner Greene King Plc (L:GNK) until Nov. 4.
The deadline, which was set to expire on Oct. 30, was extended to enable the parties to conclude their ongoing discussions, Spirit Pub said in a statement on Thursday.
"The board remains willing to recommend an offer at the value of the revised proposal set out in that announcement, but this remains subject to the satisfactory resolution of the other terms of the possible offer," Spirit Pub said.
The pub chain last week rejected a takeover approach from cider maker C&C Group Plc (I:GCC) but gave the Irish firm a month to submit a formal offer to challenge a 723 million pound bid by Greene King.
Spirit Pub, which was spun out of Punch Taverns Plc (L:PUB) in 2011, runs chains such as Chef & Brewer, Fayre & Square and Flaming Grill. The business is split into more than 750 managed pubs and 450 leased pubs, with the former accounting for nearly 90 percent of the group's revenue.
(Reporting by Aastha Agnihotri in Bangalore)