Sector News

Britvic rejects $3.9bn takeover bid from Carlsberg

June 22, 2024
Consumer Packaged Goods

UK soft drink manufacturer Britvic has rejected a $3.95 billion takeover bid from Danish brewer Carlsberg.

The Britvic board turned down a proposal worth 1,250 pence a share from the beer giant last week (11 June), following a previous offer (7 June) at 1,200 pence.

The proposal positioned Britvic at an implied enterprise value multiple of 13.1x Britvic’s adjusted EBITDA of £302 million for the twelve-month period ended 31 March 2024, totalling at $3.95 billion.

Carlsberg said that its interest in Britvic aligns with its strategy announced in February, which includes expanding its portfolio beyond beer, as it would offer the Danish brewer the opportunity to expand its drinks bottling in Britain.

In a statement, Carlsberg said that it “believes that the potential transaction would enable it to capture appealing long-term growth opportunities from Britvic’s comprehensive portfolio of leading brands in an attractive segment of the beverage market where Carlsberg already has a strong track record.”

“The board together with its advisers carefully considered the second proposal and concluded that it significantly undervalues Britvic and its current and future prospects,” Britvic told its shareholders. “Accordingly, the board unanimously rejected the second proposal on 17 June 2024.”

Britvic owns brands such as Tango, Robinsons and J2O, and is the UK bottler for Pepsi – a relationship that Carlsberg already has in markets including Norway, Sweden, Switzerland, Cambodia and Laos. Carlsberg and Britvic also share some business partners in bottling, canning and distribution.

Carlsberg said it was considering its position after Britvic rejected its second bid.

Source: foodbev.com

comments closed

Related News

July 21, 2024

Danone taps R&D leader Carla Hilhorst to drive research and innovation strategy

Consumer Packaged Goods

Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.

July 21, 2024

Pernod Ricard to sell international wines portfolio to Accolade Wines owner

Consumer Packaged Goods

The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.

July 21, 2024

Aryzta appoints former employee Michael Schai as new CEO

Consumer Packaged Goods

Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.

How can we help you?

We're easy to reach