Barr and Britvic have until the end of this month to formally  reveal their intentions

Barr and Britvic have until the end of this month to formally reveal their intentions

Details of the planned GBP1.4bn (US$2.2bn) merger between AG Barr and Britvic have come under fire from an investor in the Robinsons brand owner, according to reports. 

David Herro, chief investment officer at Britvic's eighth-biggest shareholder Harris Associates, was reported by The Sunday Times yesterday as saying: “The share ratio was poorly negotiated in our view, and it has not been properly explained as to how the companies came up with that ratio.”

The deal, first proposed in September, has since faced delays: The companies have requested, and been granted, two extensions from the UK Takeover Panel over giving a firm intention over a tie-up.  Barr and Britvic now have until 28 November to formally announce their plans.

Britvic was rocked by a product recall in July of its Fruit Shoot brand – and the share ratio is understood to be based on the average value of the two companies prior to this, according to the report. 

One analyst said last month that Britvic has more to lose, if the merger talks collapse.