Greene King withdraws from Orchid sale process

23rd May 2014 13:09

Pub and brewing group Greene King on Friday said it had quit the race to buy rival Orchid, which had sparked takeover speculation in recent weeks. The company was one of six rumoured to be bidding for the pub company, which is being sold for around £250m by owner Deutsche Bank. Others said to be considering the purchase include Harvester and Toby Carvery owner Mitchells & Butlers. Greene King's Chief Executive Rooney Anand said: "We have decided to withdraw from the Orchid sale process as the transaction does not meet our strict acquisition criteria. "Our successful retail expansion programme is, and remains, focused on improving shareholder value and delivering sustainable, long-term growth." NR