Greene King has recommended a takeover bid to its shareholders by CK Noble UK Ltd, a subsidiary of CK Asset Holdings Ltd.

The deal values Greene King’s beer and pub business at £2.7bn.

Philip Yea, chairman of Greene King, said: “The Greene King board is confident in the long-term prospects of the business, but believes this offer represents a good opportunity for shareholders to realise value for their investment at an attractive premium, while also ensuring the future success of Greene King for employees, partners, customers and suppliers. We are therefore unanimously recommending it to our shareholders.”

The company’s chief executive, Nick Mackenzie, added: “Greene King has a well-invested estate in prime locations, leading brands, a rich history, and a talented team of circa 38,000 people, serving millions of customers across the country every week.

“CKA is an experienced UK investor and shares many of Greene King’s business philosophies. They understand the strengths of our business and we welcome their commitment to working with the existing management team, evolving the strategy and investing in the business to ensure its continued long term growth.”

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