LONDON — Soft drinks maker Britvic has agreed to a sweetened takeover bid of £3.28 billion ($4.2 billion) from Carlsberg, the companies said Monday.
The deal agreed offered 1,290 pence per share for Britvic, with a small dividend that gives shareholders 1,315 pence per share.
Britvic in June refused an improved cash takeover bid from Carlsberg offering 1,250 pence per share of the British soft drinks maker. It said at the time that the proposal “significantly undervalues Britvic, and its current and future prospects.” Carlsberg’s previous June 6 offer price of 1,200 pence per Britvic share was also declined.
Ian Durant, the nonexecutive chair of Britvic, said the proposed deal “creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors.” He also namechecked 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 …