Greene King in Morland move
Saturday 29 May 1999
Morland put out a statement saying it had begun discussions with Greene King which may or may not lead to a recommended offer of 430p, in the shape of a mixture of cash and shares.
Morland, which brews Old Speckled Hen and Ruddles bitters, disclosed the talks as it revealed a sharp fall in pre-tax profits from pounds 8.2m to pounds 5.1m - well below the City's expectations. The fall was due to flat sales and a string of one-off costs. Its statement said: "The board is pursuing these discussions because it believes that shareholders would wish to have the opportunity to participate in the consolidation which is taking place in the pubs and brewing sector."
The talks highlight the decline in Morland's fortunes since 1992, when its business was robust enough to fight off a hostile takeover bid from Greene King. Like most of its brewing rivals it has been hit by the recent decline in popularity of traditional cask ales and a slow Christmas season.
Amid speculation that other brewers might join the bidding, shares in Morland jumped 13.4 per cent to 422.5p. Observers also speculated about cost savings flowing from the deal, pushing Greene King up 1.1 per cent to 645p.
Fullers' profits, page 22
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...