UPDATE: S&N finally joins Carlsberg, Heineken at table
Scottish & Newcastle has demanded that Carlsberg agree to the publication of confidential data on their joint brewing venture "as a condition of recommendation".
The two brewers announced earlier today (17 January) that they have agreed to open discussions - along with Carlsberg's co-bidder Heineken - with a view to the European brewers making a recommended offer to buy the UK company.
S&N had previously rejected three proposed bids from Carlsberg and Heineken and refused to even begin discussions on the matter. In turning down the last of the three bids last week of GBP7.80 per share, S&N said it would only be open to negotiations should GBP8.00 be offered, a move the European brewers made today.
A spokesperson for S&N confirmed that discussions have now opened in London between lawyers for the two sides. The spokesperson reiterated that GBP8.00 per share was "a starting point, not a finish" for the UK brewer. "GBP8.00 gets you through the door", the spokesperson said.
"Earlier this week, we listed the data on Baltic Beverages Holding that we want Carlsberg to agree to the publication of. That move is a condition of recommendation from our board," the spokesperson added.
S&N wants the Danish brewer to okay the publication of beer market volume growth for Russia and total BBH average selling prices, sales, EBITDA, EBIT and capital expenditure for the next three years.
The UK Takeover Panel, which last month set a deadline of 21 January for a formal offer, has agreed to requests from the brewers for an extension of this deadline to 24 January.
The brewing sector has seen steady consolidation in recent years and 2008 was certainly no exception. Olly Wehring reviews a year which began with the protracted takeover of S&N by Heineken and Carlsb...
The top ten most visited stories on just-drinks this week included news on V&S and A-B and cost pressures at Cott, whilst whisky dominated the spirits headlines....
I doubt that it is of the Dutch variety, but John Dunsmore, Sir Brian Stewart and the S&N board have certainly displayed courage over the last few months as they have held firm on calls to accept the ...
UK Brewer and pub operator Greene King saw its like-for-like beer sales drop nearly 3% in the off trade, an indication of the current pressure on brewers....
The Coca-Cola Company is to submit a planning application for the building of a manufacturing and innovation facility in Wexford, Ireland....
Pernod Ricard shares have been downgraded to "sell" from "neutral" and the price target reduced to EUR55 from EUR72, according to market sources....
Carlsberg has increased its control of Estonian brewer Saku Ölletehas....
William Grant & Sons US has appointed Sam Simmons as the "first-ever" Balvenie brand ambassador....
- Remy, dead cats and the power of China's new year
- just the Facts - Top 20 US Beers by Value, Volume
- Will Lucas Bols' IPO Bring Much-Needed Stability?
- Price drops would damage our DNA - Remy Cointreau
- Focus - Remy Cointreau's YTD Performance by Brand
- Maxxium UK head to depart for Edrington role
- Diageo inks UK distribution deals
- Diageo's United Spirits stays in red in YTD
- Diageo speaks out over supplier contract changes
- Remy eases declines as China hints at recovery
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Edrington Group in Spirits (World)
- Global Consumer Trends and Key Consumer Targets in Alcoholic Beverages
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review