Britvic rejects £3.1bn bid from Carlsberg
BRITVIC HAS REJECTED A £3.1BN TAKEOVER BID FROM GLOBAL BREWER CARLSBERG
Soft drinks supplier Britvic has confirmed it has rejected a £3.1bn takeover bid from global brewer Carlsberg.
Following speculation in the national press, Britvic issued a statement that confirmed that on 11 June 2024 it received a proposal from Carlsberg Group for the whole business for the offer price of 1,250 pence per Britvic share, equating to £3.1bn.
The offer follows a previously rejected proposal from Carlsberg, which Britvic received on 6 June 2024 at an offer price of 1,200 pence per share.
"The board together with its advisers carefully considered the second proposal and concluded that it significantly undervalues Britvic and its current and future prospects," the business told its shareholders. "Accordingly, the board unanimously rejected the second proposal on 17 June 2024.
"The board remains confident in the current and future prospects of Britvic. It recognises its fiduciary duties and will consider any further proposal on its merits. There can be no certainty that any firm offer will be made for the company, nor as to the terms of any such offer, should one be made."
Carlsberg's response
In a statement released on 21 June 2024, Carlsberg said it believes that the proposal represents a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation.
"Carlsberg is considering its position," says the brewer. "Carlsberg takes a disciplined approach to evaluating acquisition opportunities and will only proceed with a transaction that is strategically and financially attractive to Carlsberg and its shareholders. Any offer, if made, is likely to be solely in cash and is expected to be fully debt financed."
Carlsberg says it believes that the potential transaction would enable it to capture appealing long-term growth opportunities from Britvic’s comprehensive portfolio of leading brands in an attractive segment of the beverage market where Carlsberg already has a strong track record.
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