The proposed tie-up has collapsed

The proposed tie-up has collapsed

Britvic has said AG Barr's new merger offer was only a "small improvement" on the previously agreed terms, following the collapse of the deal today (11 July). 

The Robinsons and Tango producer revealed in a stock market filing that Barr's new proposed merger ratio was 65/35 in favour of Britvic. But the Hertfordshire-headquartered group said this "represented only a small improvement on the previous terms" and was "at a considerable discount to the current market capitalisation ratios of the two companies". 

The filing added: "The board of Britvic therefore rejected the proposal and has agreed with AG Barr to terminate discussions."

Gerald Corbett, Britvic's chairman, said: "We wish Barr and its management team well. They are good people with a fine business."

The UK's Competition Commission had given final approval to the proposed tie-up, first agreed last November, earlier this week.