UK/DENMARK: S&N rejects new bid, Carlsberg relations stretched
The two European brewers today (15 November) tabled an improved GBP7.50 per share bid for S&N. The UK brewer said today, however, that it had "no hesitation in rejecting this wholly inadequate proposal".
S&N's board added that it was "particularly concerned" by Carlsberg's refusal to disclose relevant information about Baltic Beverages Holding's prospects.
BBH is Carlsberg and S&N's joint venture in Eastern Europe. "(This information) is essential, in the current circumstances, to allow S&N's shareholders to assess the proper value of BBH," S&N said.
Sir Brian Stewart, S&N's chairman, added: "Carlsberg and Heineken's marginally increased proposal continues their attempt to get S&N's unique portfolio of businesses on the cheap. The board is highly confident in the actions being taken to maximise shareholder value, and strongly urges shareholders to take no action."
When contacted by just-drinks today, a spokesperson for Carlsberg said: "Now we must wait and see. We hope S&N's shareholders will see this (revised offer) as a compelling proposal."
When asked how relations between Carlsberg and S&N were going since the acquisition attempt went public, the spokesperson said. "We are all professional people, but maybe we don't have as many beers together afterwards as we used to."
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