Scottish & Newcastle has agreed to an extension of the dealine for a formal takeover bid from Carlsberg and Heineken.

The original deadline of midday today (24 January) has been extended by 24 hours until the same time tomorrow.

The 'Put up or Shut up' deadline, put in place by the UK Takeover Panel, was announced last month. Should Carlsberg and Heineken not make a formal bid for S&N before the deadline, then the European brewers would be exempt from making a move for a further six months.

The European consortium has reaffirmed its latest offer of GBP8.00 per share, and noted that it has completed due diligence on the UK brewer.

"The consortium (of Carlsberg and Heineken) has ... reached an agreement with the trustees of the UK pension fund and that its financing is fully committed," the two European companies said.