Scottish & Newcastle rejects higher offer

Management at brewing group Scottish & Newcastle have rejected an increased offer from the Heineken/Carlsberg consortium, labelling it with the time honoured phrase 'wholly inadequate'.

Morningstar.co.uk Editors 15 November, 2007 | 3:13PM

The consortium raised its offer by 30p, to 750p, valuing S&N at an equity value of £7.3bn and an enterprise value, including debt, of £9.7bn. Heineken and Carlsburg said they had decided to release the new proposal directly to the market after S&N’s rejection of its initial indication and its refusal to engage in discussions.

S&N chairman Sir Brian Stewart retorts: 'Carlsberg and Heineken’s marginally increased proposal continues their attempt to get S&N’s unique portfolio of business on the cheap. The board is highly confident in the actions being taken to maximise shareholder value, and strongly urges shareholders to take no action.'

S&N in turn condemned Carlsberg’s continuing refusal to disclose relevant information about prospects for Baltic Beverages Holding, which, it said, was essential to assess the proper value of the Russian joint venture.

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