After an initial bid of 1,200p per share was turned down, Carlsberg submitted an improved offer of 1,250p per share on 11 June. However, that was also rejected by the Britvic board earlier this week.
The share price of Britvic is 1,162p, as of 21 June. The soft drinks manufacturer operates brands in the UK such as Robinsons and Pepsi Max.
In a statement issued confirming that the second offer had not been accepted Carlsberg said: “[The firm] believes that the proposal represents a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation.”
Carlsberg – which owns beer brands including 1664 and Brooklyn – said it is now considering its position.
The statement added: “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 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. The potential transaction is fully aligned with Carlsberg’s ambitious growth agenda as set out in its Accelerate SAIL strategy announced in February 2024.”
In response, a Britvic statement read: "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."
