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I was under the impression it had gone through already. Must admit to not watching this as closely as I had been. In light of the latest Irn Bru ad - maybe A.G. Barr are being less tuned to customer sensitivities?
as its the same language this BoD is using in their foolishly worded advert. Their latest Irn Bru Ad is 'Irn Spew' up here. I dont think this company is going to move forward when it disgusts its Scottish clientel with adverts that are being seen as rude and disgraceful. Worse still is that they cant even make it humours - i really dont feel that banding the word "Fanny" about is helpful to many. So are the BoD's Dicks or pricks over this ?
Nomura said: "Both Barr and Britvic have indicated that they would like to pursue the proposed merger still; we have allocated a likelihood here of 30% and have included in our target price the value of the Britvic shareholders' share of the �40m synergies disclosed for the merger, based on this assumption (30p per share)." The new 480p target price for the shares comprises 420p value for the discounted cash flow of the core businesses, 30p for the US roll-out of Fruit Shoot as well as 30p for the possible merger synergies with AG Barr.
Nomura has resumed coverage of soft drinks group Britvic with a 'buy' rating, saying it sees upside from US franchising and if the AG Barr merger is revisited. The broker said that while the macro outlook in key Great Britain market "looks challenging for 2013", the first quarter has got off to a good start. Revenues were up 4.8% across the group, "which creates some cushion for softer conditions in later quarters". Nomura said that Britvic's US franchise story "appears to be delivering". If the Fruit Shoot brand becomes as big in the US as it is in the UK, the broker believes that it can ascribe a value per share of 200p to the franchise. "With a roll-out now underway in 30 states, we have now the confidence to factor in some value from this (30p per share) into our target price." Meanwhile, the merger proposal between Britvic and AG Barr lapsed after it was announced last week that the tie-up was referred by the Office of Fair Trading to the Competition Commission (CC).
Give this 6 months be 60p higher summer ending kids drink gallons of robinsons & fruit shoots forget the ex divi drop buy more shares fellas Absloute strong buy in my view bought the lows sit back now and reap rewards.....gla
The proposed merger of soft drinks manufacturers Britvic and A.G.Barr lost some of its fizz after the companies announced that the Competition Commission had commenced an investigation. The groups reported that the Office of Fair Trading had referred the merger to the Competition Commission due to concerns that a tie-up could reduce competition between certain brands of A.G. Barr and Britvic. A statement issued by Britvic reported that both parties believed that "the merger will not result in a substantial lessening of competition and that they will be able to demonstrate this to the Competition Commission". However, the probe represents a major set-back for drinks makers, which previously announced that the effective date of the merger would be February 26th. The investigation could take six months and after that both companies said there was no longer a guarantee the tie-up would even go ahead. A statement from Britvic read: "The Competition Commission's investigation is expected to take approximately six months. If clearance is received from the Competition Commission on terms satisfactory to both A.G. Barr and Britvic, the boards of A.G. Barr and Britvic will each reconsider, at that time, the terms of a possible merger between A.G. Barr and Britvic. "There can be no certainty or assurance that, following such clearance, any such merger would be forthcoming or that any offer will be made by either A.G. Barr or Britvic". Britvic's brands include Robinsons, Fruit Shoot, R Whites and Tabngo. A.G.Barr's brands include Irn Bru, Tizer and Rubicon.
Britvic: Barclays cuts to equal-weight.
nightmare
Britvic: Societe Generale increases target price from 440p to 465p maintaining a buy recommendation. Bank of America ups target price from 400p to 470p upgrading from underperform to neutral.
Thanks, was expecting a drop but this seemed large compared with my other shares that went xd today
Just the divi. Always see a drop on ex-divi day. Should be the bottom for the day imo, unless it decides to fill the gap about the 370 mark. GL
BBC not showing xd for BVIC as it is for others. May be panicking the odd seller. Or does anyone know of another reason for the drop
Britvic: Deutsche Bank raises target price from 370p to 425p, hold recommendation kept. UBS raises target price from 360p to 390p, neutral rating remains unchanged.
Britvic: Canaccord Genuity downgrades to hold, target price of 410p kept. Numis upgrades to add, maintaining a target price of 451p.
His counterpart at AG Barr, Ronald Hanna, said: "The new business will enjoy significant growth potential in all sectors of the market through diversified and enhanced routes to market and the potential of increased international exposure. With a clear strategy, strong management team and tight financial control, the union of our two businesses will create real future potential." Comment Britvic, head-quartered in Hemel Hempstead, Hertfordshire, had been considered to be "in play" after declining sales trends were exacerbated by the recall of its Robinson's Fruit Shoot product in July, after the company became concerned that the new bottle design might prove a choking hazard. Its smaller Scottish rival has been more sure footed of late. Famous for its Irn Bru - the only fizzy soft drinks brand in the world to outsell Coca Cola in one national market (Scotland) - the eye-catching growth in recent years has come from the fruit juice side of the business. With Britvic's partner, Pepsi, on board with the idea, the merger of the two looks like a logical combination, and makes a pleasant change from iconic British brands passing into the hands of forked-tongued overseas operators, though that comment may need revising if Scotland votes to leave the United Kingdom ...
The directors have identified recurring annual cost synergies of around £35m through combining the two companies. These savings will be achieved through overhead savings, procurement savings and supply chain enhancements. In addition to these cost synergies, the boards of AG Barr and Britvic believe that the merger will provide an opportunity to achieve a contribution of at least £5m from annual net revenue synergies through using the combined distribution channels, brand portfolios and geographic presence of the combined group. The directors expect to build up aggregate full run rate synergies of £40m by 2016. The combined group will have a formidable portfolio of brands, including Irn-Bru, Robinsons, Fruit Shoot and J20 while Britvic also enjoys a strong relationship with US soft drinks leviathan, Pepsi Cola; Pepsi has given the thumbs-up to the merger. AG Barr and Britvic both intend to pay dividends in respect of the period up to the date the merger becomes effective, with AG Barr lobbing out a second interim dividend of 7.4p per share to be paid to shareholders on the register on January 4th 2013 and Britvic paying a second interim dividend of 12.4p in lieu of the final dividend for the financial year ended September 30th, 2012. "AG Barr and Britvic are a fantastic fit with complementary strengths in products, channels and geographies and we will benefit from very significant synergies. Together we will create a bigger, better and stronger business for our consumers, customers and shareholders for now and the future," declared Gerald Corbett, Britvic's non-executive Chairman.
J20 and Irn-Bru sounds like a disgusting combination and hopefully J20 maker Britvic and Irn-Bru maker AG Barr won't market a cocktail of the pair now the two giants of the UK soft drinks industry have agreed on a merger. Under the terms of the merger, which has been brewing for at least two months, Britvic shareholders will receive 0.816 AG Barr shares for every Britvic share held. Assuming the merger goes through, Britvic shareholders will end up controlling 63% of the combined company and AG Barr shareholders 37%, but the Barr name gets top billing in the new name of the group, which will be Barr Britvic Soft Drinks. As for the divvying up of management positions, AG Barr's Chief Executive Officer (CEO), Roger White, will hold the same position in the combined group, while John Gibney, currently CEO of Britvic, will be Chief Financial officer of the combined group. Gerald Corbett, the current Britvic non-executive Chairman, will become the non-executive Chairman of the combined group, while Ronald Hanna, the current Chairman of AG Barr will be his deputy. The combined entity's board will also include a further six non-executive directors, three nominated from each of AG Barr's and Britvic's boards.
Well done mate 6 weeks and 10 p behind the rest of us :)
Britvic: Panmure Gordon keeps hold rating and 380p target.
What do think?
Barritvic.
The two firms behind Robinsons Barley Water and Scotland’s Irn-Bru will today say the Takeover Panel has extended the deadline for them to hatch their £1.4bn merger, the Daily Mail can reveal Glasgow-based AG Barr and Britvic requested more time for their accountants to authenticate the savings the tie-up would generate, and also agree on a name for the newly-combined firm. The regulator had given them until 5pm today to clinch a deal but it is now understood to have extended this by three weeks. It appears that while the pair had already managed to agree the make-up of the new board ahead of confirming they were in merger talks, they have not found consensus on a name. The two options being considered are Barr Britvic and Britvic Barr however neither party is willing to give ground
Societie Generale downgrades Britvic from buy to hold, target price increased from 320p to 365p.
some coverage Soft drinks manufacturers Britvic (BVIC) and AG Barr (BAG) have confirmed that they have entered talks to discus a possible merger. If successful this would create one of the largest soft drinks companies in Europe, with a market cap of 1.28 billion pounds, based on the closing prices on Tuesday 4th September. If the deal is successful, Britvic shareholders would own 63% of the new company's share capital, while AG Barr investors would own 37%. However, broker N+1 Brewin believes that the proposed split is unbalanced, stating: "we recognise the scale and distribution platform which Britvic brings to the deal, however, we believe that the greater potential lies in AG Barr’s brand portfolio". Shares in Britvic fizzed up by 41.3p to 369.9p, while those of AG Barr sparkled by 34.6p to 450.2p.
sold at £3.72 very nice earner indeed , I will buy back in again when the dust settles on this merger