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British drinks maker Britvic agrees to $3.3 billion takeover by Carlsberg | Britvic
British soft drinks maker Britvic has accepted an improved $3.3 billion takeover offer from Danish brewer Carlsberg.
Britvic, whose brands include J20, Robinsons and R Whites lemonade, accepted the $13.15 per share offer after rejecting previous takeover offers from Carlsberg on the grounds that they undervalued the company.
In a statement to the stock exchange on Monday, Carlsberg said the Britvics board would unanimously recommend the deal, which includes 12.90 pence in cash for each Britvic share and a special dividend payment of 25 pence for each share. The deal would create a new, enlarged group called Carlsberg Britvic.
Britvic shares rose 4.5% to 12.65 on Monday, making them one of the biggest risers in the FTSE 250.
The deal will require the support of 75% of Britvic investors in a shareholder vote.
Britvic was founded in the UK in the 1930s as the British Vitamin Products Company and used soft drinks as an affordable way to deliver vitamins to consumers. It has 39 brands in 100 countries, including Brazil, France and Ireland.
It also has an exclusive license with PepsiCo in Britain and Ireland to manufacture and sell Pepsi Max, 7UP, Rockstar Energy and Lipton Ice Tea.
As part of the deal, Carlsberg secured Pepsico's agreement to waive a clause in its bottling contract with Britvic that would have allowed it to terminate the deal if there was a change of ownership.
Jacob Aarup-Andersen, Carlsberg Chief Executive Officer, said: “With this transaction, we are combining Britvics’ premium soft drinks portfolio with Carlsberg’s strong beer portfolio and go-to-market capabilities, creating an enhanced proposition across the UK and Western European markets.”
Carlsberg said the acquisition would generate annual cost savings of around €100 million over five years, including through sourcing and supply chain efficiencies as well as administration and overhead savings.
Ian Durant, non-executive chairman of Britvic, said: “The proposed transaction creates a broader international group that is well placed to capture growth opportunities across a number of beverage sectors.”
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Carlsberg's agreement with PepsiCo provides the combined group with a strong platform for continued success, to remain competitive at a time when the market is being shaped by the trend towards increasing consolidation of bottling partners.
Carlsberg also announced on Monday that it had separately reached an agreement to acquire Marstons' minority stake in Carlsberg Marstons, the company's UK brewing business, which is now the country's fourth-largest beer company.
Marstons will remain an important partner to the new enlarged business and its long-term drinks supply and distribution agreement will remain in place.
The deal means Marstons will abandon its brewing roots previously known as Wolverhampton & Dudley Breweries dating back to 1875. Carlsberg will take full control of beers including Hobgoblin, Brakspear, Pedigree and Wainwright.
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Sources 2/ https://www.theguardian.com/business/article/2024/jul/08/uk-drinks-britvic-takeover-carlsberg-marstons The mention sources can contact us to remove/changing this article |
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