C&C share price plummets as takeover rejected

British bar owner, Spirit Pub Company has rejected an initial takeover bid — believed to be around €900m — from Irish drinks giant, C&C Group.

The Dublin-headquartered group yesterday confirmed its preliminary approach, without disclosing the details, but said there was no certainty that it would make a firm offer.

However, Spirit — which is also being courted by rival UK pub and brewing business, Greene King — stated that it had reviewed the C&C proposal and rejected it. The move sent C&C’s share price plummeting by nearly 12%.