Britain's Spirit Pub Company said it has rejected a takeover proposal from Ireland's C&C Group.
Spirit Pub, which is engaged in takeover talks with pub owner Greene King, said C&C had until 20 November to announce a firm offer for the company.
Greene King has offered to buy Spirit Pub in a cash-and-stock deal, valuing Spirit at £723m.
Spirit Pub operates a number of chains including Chef & Brewer, Fayre & Square and Flaming Grill Pubs.
