Carlsberg and Heineken have made their widely-anticipated move for Scottish & Newcastle.

The UK-based brewer said today (25 October) that it has received - and rejected - what it called "a highly conditional proposal" from the European companies, to make a cash offer for S&N at 720 pence per share. The offer values S&N in the region of GBP6.8bn (US$13.8bn).

"The board, having consulted its advisers, has no hesitation in rejecting this proposal as it substantially undervalues the unique strengths and market positions of S&N," the company said.

Sir Brian Stewart, S&N's chairman, added: "This unsolicited and derisory proposal is an effort to get S&N's unique portfolio of businesses on the cheap. We will continue to take all actions to maximise shareholder value. I strongly urge shareholders to take no action."

S&N also said that, "for the avoidance of doubt", there was no certainty that this approach will lead to an offer being made for S&N or as to the terms on which any offer might be made.