UK: S&N finally joins Carlsberg, Heineken at table

By | 17 January 2008

Scottish & Newcastle has finally agreed to discussions with Carlsberg and Heineken over a proposed takeover.

The UK brewer confirmed today (17 January) that it has entered into talks with the European consortium with a view to Carlsberg and Heineken making an official offer of GBP8.00 per share, GBP0.20 higher than the last, rejected, proposed bid. The GBP0.20 increase wll be paid by Carlsberg, who is keen to take full control of Baltic Beverages Holding, its joint venture with S&N in Eastern Europe.

"The consortium's proposal is subject to certain pre-conditions, including satisfactory completion of limited due diligence," said Carlsberg and Heineken.

Last month, the UK Takeover Panel set a deadline of 21 January for Carlsberg and Heineken to make a formal bid for S&N.

"The parties have approached the Panel to request a short extension to the 'Put up or Shut up' deadline to 12 noon on 24 January, to enable the consortium to complete its due diligence," Carlsberg and Heineken said.

Sectors: Beer & cider

Companies: Carlsberg, Heineken, S&N, Baltic Beverages Holding

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