Carlsberg A/S (CPSE:CARL B) proposed an offer to acquire Britvic plc (LSE:BVIC) for £2.9 billion on June 6, 2024. Carlsberg A/S (CPSE:CARL B) proposed an offer to acquire Britvic plc (LSE:BVIC) for £3.1 billion on June 11, 2024. Under the First Proposal, a cash consideration valued at 1,200 pence per share will be paid by Carlsberg A/S. Under the second Proposal, a cash consideration valued at 1,250 pence per share will be paid by Carlsberg A/S. Carlsberg also reserves the right to make an offer for Britvic at any time at a lower value or on less favourable terms: a) with the recommendation or consent of the Britvic Board; b) if a third party announces a possible offer or a firm intention to make an offer for Britvic on less favourable terms; or c) following the announcement by Britvic of a Rule 9 waiver proposal or a reverse takeover (as defined in the Code). Under the Proposal, eligible Britvic shareholders will be entitled to the interim dividend of 9.5 pence per share announced by Britvic on 15 May 2024 (the ?FY24 Interim Dividend?), which is currently expected to be paid on 5 July 2024. Carlsberg reserves the right to reduce the terms of the Proposal by the amount of any dividend (or other distribution) which is paid or becomes payable by Britvic to its shareholders after the date of this announcement, except in respect of the FY24 Interim Dividend.

Anthony Zammit, Henry Stewart, Paul Baker, Melissa Godoy and Rusheel Somaiya of Morgan Stanley & Co. International plc and Jan Skarbek and Dominic King of Europa Partners Limited acted as financial advisors to Britvic. Linklaters LLP is retained as legal adviser to Britvic. Baker McKenzie LLP is retained as legal adviser and Nomura International Plc acted as financial advisor to Carlsberg.

Carlsberg A/S (CPSE:CARL B) cancelled the acquisition of Britvic plc (LSE:BVIC) on June 17, 2024. The Board together with its advisers carefully considered the Second Proposal, and concluded that it significantly undervalues Britvic, and its current and future prospects. Accordingly, the Board unanimously rejected the Second Proposal on June 17, 2024.