Greene King’s £187m offer for Belhaven has been declared unconditional. By 1pm yesterday, Greene King had received acceptances representing 85.6 % of Belhaven’s existing share capital. At the time of the deal’s announcement analysts expressed concern that Greene King has paid too much for a company set to be hit by Scotland’s smoking ban in 2006. Greg Feehely, analyst at Altium Securities, said: "Greene King always seems to pay full prices for its acquisitions, but admittedly has a good track record with their subsequent integration. "However, in this instance they have paid the highest multiple so far for a business with potentially the most downside risk.