Morland survives a third time

MORLAND, the Thames Valley brewer, yesterday survived the third closing date for the pounds 103m bid from its East Anglian rival Greene King.

Greene King lifted its acceptances 0.3 percentage points to 46.7 per cent of the equity, but all the new support comes from shares bought by Greene King in the market earlier this week.

The offer is extended but will finally close on 24 July. Greene King needs acceptances from only 3.3 per cent more shareholders to win control. However, the 477p paper or 450p cash bid had 43 per cent acceptances from the Whitbread Investment Company agreed from the outset.

Before the announcement, Morland's chairman Sir Humphrey Prideaux critised the quality of Greene King's information. 'I regret to say that Greene King has not been entirely frank with you,' he said.