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S&N Rejects New Carlsberg-Heineken Bid |
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Wednesday, 14 November 2007 |
Copenhagen/London: British brewer Scottish & Newcastle on Thursday rejected a raised bid from Danish brewer Carlsberg and Dutch group Heineken, saying the offer "undervalues" the British group.
Carlsberg and Heineken, which have formed a consortium, earlier Thursday offered 750 pence per Scottish & Newcastle share, amounting to 7.3 billion pounds (15 billion dollars).
The board of the British brewer issued a statement saying that after consulting its advisers, it "has no hesitation in rejecting this wholly inadequate proposal as it substantially undervalues the unique strengths and market positions of S&N."
"Carlsberg and Heineken's marginally increased proposal continues their attempt to get S&N's unique portfolio of businesses on the cheap," S & N board chairman Sir Brian Stewart said in a statement.
The board of S&N has earlier rejected a bid worth 720 pence per share.
The new bid constituted a 41-per cent-premium on the closing price at the end of March this year "before speculation first arose around a possible offer for S&N," Carlsberg said earlier.
In a statement, Heineken Chief Executive Jean-Francois van Boxmeer said the new offer was "very attractive."
Carlsberg Chief Executive Jorgen Buhl Rasmussen said the bid "offers S&N shareholders the opportunity to secure a full and fair price for the entire business."
The Copenhagen-based group and Heineken on October 17 issued a statement that confirmed their interest in the British brewer, which further boosted S&N's share price.
Copyright 2007 dpa Deutsche Presse-Agentur GmbH
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