Shares in Greene King have fallen over 1% in morning trading, after the company announced plans to buy Belhaven for £187m. The group’s shares were last quoted down 17 pence at £12.95. Analysts felt 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."