July 22, 2024 | Consumer Discretionary | Europe | Active
After being rejected twice, on 8-Jul-24, Danish brewer Carlsberg finally reached an agreement with Britvic to acquire the UK-based soft drink maker for £3.3bn. Carlsberg is offering 1,315p per Britvic share, which includes a 25p special dividend to be paid upon closing. This consideration represents a 35.6% premium to Britvic’s undisturbed price on 19-Jun-24, before media speculation about a potential deal. On 21-Jun-24, the companies confirmed the possibility of an offer. The consideration will be adjusted for any distribution apart from the special dividend, and Britvic directors holding 0.2% have given irrevocable commitments and intend to unanimously recommend that shareholders approve the deal. The transaction is structured as a UK scheme of arrangement and, accordingly, requires Britvic shareholder approval at a Court Meeting (75% in value) and at an EGM (75% of votes cast). The scheme document is expected to be published within 28 days from announcement, by 5-Aug-24, and conditions to closing include CMA and ...
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