S&N rejects revised Carlsberg-Heineken offer

Scottish & Newcastle (S&N) has rejected a revised bid of 780p a share from Carlsberg and Heineken.

But S&N said it would be willing to talk if a bid of 800p a share was made by the Consortium.

The revised offer values the British brewer at £7.6bn.

S&N said that it had considered the improved proposal carefully but felt that it still failed to reflect the "unique strengths and markets positions"​ of the group, and failed to be "competitive with the alternatives the company can pursue for delivering value to its shareholders"​.

Jean-François van Boxmeer, chairman of the executive board of Heineken said: "It is decision time for S&N shareholders. Without the S&N Board's co-operation there will no offer by the Consortium. ​

"Our increased 780p proposal is the only deliverable opportunity today for shareholders to realise a material premium to the independent value of S&N."

Jørgen Buhl Rasmussen, president and chief executive of Carlsberg, said: "The Consortium's increased proposal represents a very generous proposition to S&N shareholders by any measure. ​

"Carlsberg has listened to shareholders and offered its cooperation with regards to further disclosure on BBH's prospects and the Consortium's proposal now implies a £4.2 bn value on S&N's 50% share of Baltic Beverage Holdings.

"It's now over to S&N shareholders to make their views clear to the S&N Board if they want this transaction to happen."