British soft drinks maker Britvic has rejected a £3.1bn pound takeover bid from Carlsberg Group the second approach from the Danish brewer it has turned down.
Britvic said it received an offer from Carlsberg to acquire the company on 11 June, valuing Britvic at 1,250 pence per share, equivalent to around £3b, but was unanimously rejected by the board on 17 June.
The move came after Britvic rejected an initial lower offer of 1,200 pence per share from Carlsberg earlier this month.
According to a statement from Britvic, the board and advisers “carefully considered the second proposal” but it concluded that such a deal “significantly undervalues” the firm as well as its “current and future prospects”.
Carlsberg said it was considering its position following the rejection.
The beer group said its second offer was a “compelling opportunity for Britvic shareholders to realise their investment in full”, adding that a takeover would allow it to capitalise the “long-term growth opportunities” of Britvic’s stable of well-known soft drinks brands, including J20, Mountain Dew and plant-based Plenish.
Carlsberg said: “The potential transaction is fully aligned with Carlsberg’s ambitious growth agenda.”
Britvic has an exclusive licence with PepsiCo in Great Britain and Ireland to make and sell Pepsi Max, 7UP, Rockstar Energy and Lipton Ice Tea.
The company was founded in the UK in the 1930s as the British Vitamin Products Company and used soft drinks as an affordable way of supplying vitamins to consumers. It now has 39 brands in 100 countries including Brazil, France and Ireland.
The company reported strong revenue growth in May underpinned by demand from its products from international markets including Brazil.
