CK Asset Holdings shareholders back Greene King takeover

9th Oct 2019 12:06

(Sharecast News) - Shareholders of Hong Kong's CK Asset Holdings have approved its £2.7bn takeover of London-listed pub chain Greene King.
At an extraordinary general meeting earlier on Wednesday, 99.4% of CK Asset Holdings shareholders backed the deal, while just 0.6% opposed it.

Shares of the pub company surged back in August after it agreed to be bought by a subsidiary of CK Asset Holdings, the flagship of the CK Hutchison Group, for 850p a share in cash.

The offer, which implies an enterprise value of £4.6bn for Greene King, is a premium of about 51% to the closing share price the day before it was made and was deemed by the company's directors to be "fair and reasonable".

Chairman Philip Yea said at the time: "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."