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Robinsons owner Britvic rejects £3bn Carlsberg takeover bid

Robinsons owner Britvic rejects £3bn foreign takeover bid
Robinsons owner Britvic rejects £3bn foreign takeover bid

Britvic, Robinsons squash maker, has rejected a £3.1bn takeover approach from Carlsberg, in the latest foreign swoop for a London-listed company.

The British drinks giant confirmed on Friday that it had rejected two offers from the Danish brewer, which it claimed had “significantly undervalued” the business.

Britvic’s share price surged 16pc in response to the announcement.

It comes as London’s beleaguered stock market grapples with a wave of foreign takeovers, as international buyers take advantage of undervalued British stocks.

In an update shared on the London Stock Exchange, Britvic said that it received a cash offer from the Danish brewing company on June 11.

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The unsolicited bid valued Britivc at 1,250p per share, or £3.1bn, which represented a 29pc premium on Britvic’s closing share price on June 19.

The Hertfordshire-based company said it unanimously rejected the offer on June 17 after concluding that it “significantly undervalues Britvic, and its current and future prospects”.

It marked the second takeover proposal after the Tango owner had rejected Carlsberg’s initial offer of 1,200p per Britvic share.

A Britvic spokesman said: “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.”

In a statement released on Friday, Carlsberg said it is considering its position.

Carlsberg says it is considering its position and has until July 19 to make another offer or walk away
Carlsberg says it is considering its position and has until July 19 to make another offer or walk away - ANDREW KELLY/REUTERS

The brewer said: “Carlsberg takes a disciplined approach to evaluating acquisition opportunities and will only proceed with a transaction that is strategically and financially attractive to Carlsberg and its shareholders.”

Carlsberg, which owns Kronenbourg and Somersby Cider, said that Britivic’s portfolio of leading brands presents “appealing” long-term opportunities which would help fuel its growth strategy.

Carlsberg has until July 19 to either make an official offer for Britvic or walk away altogether.

It comes after Britvic increased revenue 11pc to £880.3m in the six months to March 31, after seeing strong customer demand for its brands, which also includes Pepsi Max and Fruit Shoot.