A can of Carlsberg AS pilsner and an apple drink from Britvic Plc, held in London, UK, on Friday, June 21, 2024.
Hollie Adams | Bloomberg | Getty Images
LONDON — Soft drinks maker Britvic has agreed to a £3.28 billion ($4.2 billion) takeover bid from Carlsberg, the companies said on Monday.
The agreed deal offered Britvic 1,290 pence per share, with a small dividend giving shareholders 1,315 pence per share.
Britvic rejected an improved all-cash takeover bid from Carlsberg in June, offering 1,250 pence per share in the British soft drinks maker. It said at the time that the proposal “materially undervalues Britvic and its current and future prospects.” Carlsberg’s earlier bid of 1,200 pence per Britvic share on June 6 was also rejected.
Ian Durant, Britvic’s non-executive chairman, said the proposed deal “creates a comprehensive international group well positioned to capture growth opportunities across multiple drinks sectors.” He also cited Carlsberg’s agreement with PepsiCo, which he said provides the “combined group with a strong platform for continued success.”
Carlsberg CEO Jacob Aarup-Andersen said in the same statement that the deal “combines Britvic’s high-quality soft drinks portfolio with Carlsberg’s strong beer portfolio and route-to-market capabilities, creating an enhanced offering in the UK and markets across Western Europe.”
PepsiCo is key to the deal, as Britvic bottles and distributes PepsiCo brands in the UK and Ireland. Carlsberg and PepsiCo agreed earlier this year to waive a “change of control clause” in the bottling contract.