Britvic rejects second Carlsberg bid

Britvic directors at HQ in Hemel Hempstead have rejected the offer, saying it “significantly” undervalues the business. It is the second bid from Carlsberg in fairly quick succession that has received a similar response.

Britvic shareholders – clearly assuming Carslberg will be back and that it will be a case of third time lucky – sent the UK stock soaring almost 83p to just over 1,100.72p at one stage this morning (Friday) – more than eight per cent up and not far off the 52-week high of 1,181p.

The company, which owns brands such as Robinsons, Tango and Fruit Shoot, felt an offer of 1,250p a share was way off the mark and took insufficient account of “its current and future prospects.”

It told shareholders: “The Board remains confident in the current and future prospects of Britvic. It recognises its fiduciary duties and will consider any further proposal on its merits.”

Britvic also has exclusive agreements to make, market and sell PepsiCo brands including 7UP, Lipton Ice Tea, Pepsi MAX, and Rockstar Energy. Founded in England in the 1930s, Britvic has grown into a global organisation with 39 brands sold in over 100 countries.

Carlsberg once pushed a memorable brand, citing “probably the best lager in the world” but finessed the slogan a while back to say “probably not the best beer in the world. So we’ve changed it.”