DENMARK: Carlsberg will not raise its offer for Albani Bryggerierne

On 18 August, Carlsberg Danmark A/S made an offer to Albani Bryggerierne A/S (Albani Breweries) of DKK 1,000 per A-share and DKK 600 per B-share. The price was negotiated with Albani Bryggerierne's board and was an offer that Albani's board subsequently recommended to the Albani shareholdersOn 11 September, Bryggerigruppen A/S made a higher offer.Carlsberg Danmark A/S has again analysed its offer and has reached the conclusion that the offer is fair and reflects the value of Albani Bryggerierne.Against that background and seen in the light of the significant demands that the Danish Competition Authority will make in order to approve the deal, Carlsberg Danmark has decided not to offer a higher price. In its decision Carlsberg Danmark has also considered the uncertainties for Albani's employees that may result from a long bidding war Carlsberg A/S would realise a gain of around DKK 24 million from the sale of its 14.74 per cent share in Albani Bryggerierne at the price offered by Bryggerigruppen.