Carlsberg unfazed by S&N Takeover Panel deadline
Carlsberg says it is confident it can persuade Scottish & Newcastle (S&N) to discuss its indicative offer for the UK brewer by next month's Takeover Panel deadline, which was set yesterday.
Speaking to thepublican.com last night, a spokesman for Carlsberg denied the 'put up or shut demand' from the Panel was a setback.
"We want to enter into talks. We believe this will focus people's minds and we are confident we can talk to the [S&N] board and move forward towards a formal recommended offer," he said.
The Danish brewer, together with Dutch brewer Heineken, "reserved the right to make a hostile bid, but we are still aiming for an engagement with S&N", he added.
S&N, unsurprisingly, was delighted with the Panel's call for Carlsberg and Heineken to launch a formal offer by January 21 or walk away from the bidding table.
"By then, the consortium will have had three months to make a decision and S&N believes it is in the interests of the company and its shareholders that this long period of uncertainty is brought to an end," the brewer said in a statement.
It also fired a salvo at Heineken, which covets S&N's domestic operations and until now has avoided the flak aimed at its consortium partner over the issue of Baltic Beverage Holdings, its Eastern Europe venture with S&N.
"S&N believes shareholders should recognise this as an opportunistic attempt by Heineken to secure a unique portfolio of assets below their full value.
"The board strongly urges shareholders to take no action," it said.
S&N shares closed yesterday down 1.5p at 725p, 25p below the consortium's raised offer of 750p a share.
The Publican's City & Business editor says: "Carlsberg and Heineken have put a brave face on the Takeover Panel's call for them to go to the toilet or leave the lavatory. There has been no public evidence that S&N wants to talk with the consortium - quite the opposite - and the Panel's move is surely a points victory for the UK brewer.
John Dunsmore, S&N's chief executive, is now in a strong position: if he sees off the bid interest once and for all he'll be seen to have saved a British institution - and S&N could well get all of BBH in the process.
On the other hand, if Carlsberg/Heineken go hostile and persuade S&N shareholders to sell at something north of eight quid, he can point to the deal and talk about achieving a good return for investors, etc.
Meanwhile, the coming weeks will see just how serious Carlsberg and Heineken's stalking of the UK's largest brewer really is."