Broker snap: Greene King set for expansion, says UBS

8th Jun 2009 12:35

With more than £200m in its coffers after a rights issue in April, brewer and pub operator Greene King is in a good position to start snapping up pubs from rivals, according to UBS.The broker, which has a 'buy' rating on Greene King, raised its price target to 480p from 470p.Brewer and pub owner Greene King said late last month it received 93.2% acceptances for its rights issue to raise approximately £207.5m. It said the proceeds of its rights issue will be used to make selective acquisitions at attractive prices.