The companies have until November 28 to formally announce their plans

The companies have until November 28 to formally announce their plans

AG Barr and Britvic have been granted another extension to their merger talks by the UK's Takeover Panel. 

The soft drinks firms now have until 28 November to formally announce a "firm intention" over a possible tie-up. "Substantial progress has been made and the two parties are now at an advanced stage of discussions, which are ongoing," the companies said in a joint statement this morning (31 October). 

The deadline to make an announcement was meant to be at close of business today, after a previous extension was sought earlier this month

Press speculation has suggested that part of the reason for the delay is a dispute over the name of the potential new entity.

In preliminary discussions, the two firms have already agreed that shareholders in Britvic will hold 63% of the merged entity, with AG Barr accounting for 37%.

The groups first annouced in September details of a possible merger.

To see just-drinks' full coverage of AG Barr and Britvic's proposed merger, click here.