Britvic rejects £3bn takeover bid from Carlsberg

The Danish brewer said it made an increased proposal to the board of Britvic on 11 June 2024 regarding a possible cash offer for the issued and to be issued share capital of Britvic at a price of 1,250 pence per share.

It added it had made a bid on 7 June with a proposal of 1,200p per share and 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.”

Considering its position​

The proposal was rejected by Britvic on 17 June and “Carlsberg is considering its position”.

Carlsberg said it takes a disciplined approach to evaluating acquisition opportunities and will only proceed with a transaction that is strategically and financially attractive and that any offer, if made, is likely to be solely in cash and is expected to be fully debt financed.

It believes the potential transaction would enable it to capture appealing long-term growth opportunities from Britvic's comprehensive portfolio of leading brands – which includes Pepsi, Robinsons squash and J20 – in an attractive segment of the beverage market where Carlsberg already has a strong track record.

Unanimously rejected​

Britvic confirmed it received an unsolicited proposal from Carlsberg on 11 June regarding a possible cash offer and had previously received the lower offer five days before.

Britvic said: “The board together with its advisers carefully considered the second proposal and concluded it significantly undervalues Britvic and its current and future prospects. Accordingly, the board unanimously rejected the second proposal.

“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.”