DENMARK: Carlsberg, Heineken reach stalemate with S&N
Following S&N rejecting the latest offer of GBP7.80 per share from the two European brewers, the UK company said last week that it is prepared to meet with the consortium only when a GBP8.00 offer is tabled.
Speaking to just-drinks today (15 January), a spokesperson from Carlsberg agreed that "only dialogue can bring this case closer", but outlined that it plans to stick to its proposed offer, which it described as "very generous, full and fair".
A spokesperson for S&N told just-drinks: "GBP8.00 just about gets you through the door. Adding that the majority of the consortium's improved offer - up from GBP7.50 proposed in November - was eaten up by currency fluctuations between November and this week. GBP8.00 per share is a starting point, it is not a finishing point."
Carlsberg and Heineken have until 21 January to table a formal bid. The deadline, set by the UK Takeover Panel, dictates that Carlsberg and Heineken would not be permitted to table a further bid after the deadline for six months.
"We all know that we are getting closer and closer to the deadline put up by the UK Takeover Panel," added the Carlsberg spokesperson. "We hope that they will realise that what we [the Consortium] represent is certainty. What they [S&N] represent in their proposals, if you can call them that, to their shareholders is uncertainty and risk," the spokesperson continued. "It is certainty Vs uncertainty. Either GBP7.80 per share, or a lower rate."
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