The consortium of brewing giants Carlsberg and family-owned Heineken has finally entered into negotiations with fellow brewery Scottish & Newcastle in relation to a possible takeover bid. The consortium’s offer will be €10.80 per share, which is the minimum amount that S&N would consider, and values the firm at €10.18 billion.
The consortium first proposed an offer of €9.70 per share in October 2007 but this was rejected. Despite the consortium saying they would not offer more than €10, the figure rose steadily to €10.50 in early January. S&N had said that any offer below €10.80 would “undervalue” the firm.
The initial deadline for the bid was to be 24 January but the consortium has requested a “short extension” to allow it to complete its due diligence.