Brewery giants Heineken, owned by the Heineken family, and Carlsberg have formed a consortium in order to make a proposal offer to fellow brewery group Scottish & Newcastle (S&N).
The S&N board has rejected the initial offer of 720p per share and has refused to enter into any discussions with the consortium.
The consortium has said in a statement that it "strongly believes that its proposal is strategically compelling and that a recommended transaction is in the best interests of S&N's shareholders."
