Chile's Coca-Cola Embonor has set a new deadline for Peru's José R. Lindley Corporation to improve its offer Embonor's Peruvian soft-drinks subsidiary, Embotelladora Latinoamericana (ELSA).

José R. Lindley now has until 26 September to present a revised offer, after Embonor rejected a previous offer.

The Peruvian company, which owns 50% of market leading brand Inca Kola, made its initial offer on the basis of a value analysis carried out by US investment bank JP Morgan. After Embonor rejected the offer, José R. Lindley asked the bank to look again at its valuation of the company.