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UK soft-drink maker Britvic has rejected a £3.1bn bid from Carlsberg, saying the Danish brewer was “significantly” undervaluing a group whose brands include Robinsons and Fruit Shoot.
Carlsberg made an initial bid of 1,200 pence per share earlier this month, before sweetening its all-cash proposal to 1,250p, which London-listed Britvic rejected on June 17.
As well as producing its own brands, Britvic is PepsiCo’s bottler in the UK. Carlsberg is PepsiCo’s bottler in Norway, Sweden, Switzerland, Cambodia and Laos.
The brewer of Kronenbourg and Tuborg said the acquisition of Britvic would offer it “long-term growth opportunities”. It said it was considering its position after Britvic rebuffed its second bid.
The acquisition of Britvic would offer Carlsberg the opportunity to expand its drinks bottling in Britain. Shares in Britvic surged 15 per cent to 1,167p in early trading on Friday.
“The board together with its advisers carefully considered the second proposal, and concluded that it significantly undervalues Britvic, and its current and future prospects,” Britvic said.
“Carlsberg believes that the proposal represents a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation,” the brewer said.
According to Britvic’s website, the company’s history dates back to the 1930s, when a chemist in Chelmsford, Essex, began producing soft drinks.
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