Greene King's "put up or shut up" deadline to agree its proposed £723m takeover of rival Spirit Pub Company has been extended by five days.Spirit said on Thursday that it remained in discussions with Greene King, after agreeing to extend the deadline to 4 November."The board remains willing to recommend an offer at the value of the revised proposal set out in that announcement, but this remains subject to the satisfactory resolution of the other terms of the possible offer."Having rejected earlier advances at 100p per share, Spirit received an improved takeover offer from Greene King last week at about 109.5p, with each share going for 0.1322 in Greene King shares plus 8p in cash.Spirit told Greene King, whose brands include Loch Fyne and Hungry Horse, it would recommend the offer subject to approval of other terms.Spirit can extend the deadline further with the consent of the UK Takeover Panel.A week ago the company rejected a better subsequent offer from Irish drinks company C&C, best known for producing Magners cider and Tennent's lager, understood to have been made at 115p per share.Spirit said that it would instead recommend the proposed 109.5p offer from Greene King, likely due to much larger synergies between the two pub companies.