AUS: Coke Amatil confident of Palm Springs success
Coca-Cola Amatil is confident that it will seal the takeover of Australian water cooler distribution firm Palm Springs despite mooted rival interest.
Last month, the loss-making Palm Springs approached Coke Amatil and asked it to make a bid for the company, Australia's second-largest HOD (home and office water delivery) producer. The two companies agreed on a A$7.4m (US$5.7m) deal that is set to be sealed within three months.
However, Perth-based water producer Refresh Group has attacked the Coke Amatil deal, while signalling its own interest in Palm Springs and asking to conduct due diligence on the company.
Nevertheless, Coke Amatil's agreement with Palm Springs granted the bottler exclusivity on the takeover, a clause that looks to have blocked Refresh's desire to look at Palm Springs' books.
A Coke Amatil spokesperson told just-drinks today (10 August): "We have a deal on the table with Palm Springs and we're comfortable we've got a contract."
She refused to comment on the company's exclusivity clause or Refresh's rival interest.
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