EUROPE: Carlsberg, Heineken go straight to S&N shareholders
The two European brewers said today (15 November) that they were "very disappointed by the tone and speed of S&N's response".
A proposed bid of GBP7.50 was made by Carlsberg and Heineken earlier today, and was rejected by S&N within a matter of hours. S&N said that it had "no hesitation in rejecting this wholly inadequate proposal". The UK brewer also described the offer as "highly conditional".
"We believe the characterisation by S&N of our increased proposal as "highly conditional" stems from a misunderstanding, in particular with regard to their reference to our "full due diligence" requirements," the Carlsberg/Heineken consortium said. "Our diligence is limited and confirmatory in nature and is focused upon the Western European assets and our key separation assumptions."
The consortium has asked to meet with S&N's board to "clarify our limited requirements for the benefit of S&N shareholders".
"S&N has again refused to engage in discussions to convert the increased proposal into a firm recommended offer," the consortium noted.
Jørgen Buhl Rasmussen, Carlsberg's CEO, added: "We find the board's intransigence and ill-informed rejection very disappointing. The time has come for S&N shareholders to direct their board to engage with us."
No-one was immediately available for comment at S&N when contacted by just-drinks late today.
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