Britvic PLC - Hemel Hempstead, England-based maker of Robinsons, J2O and Tango soft drinks - The UK Competition & Markets Authority clears Britvic's acquisition by Copenhagen-based brewer Carlsberg AS. The CMA says it has decided to not refer the merger to a phase 2 investigation. It had launched its initial inquiry back in October, have requested comments on combination in September. In July, Britvic accepted a takeover from Carlsberg at 1,315 pence per share, comprised of 1,290p per share in cash and a special dividend of 25p. This values Britvic's equity at GBP3.3 billion and gives the company an enterprise value of GBP4.1 billion, including debt.
With the CMA clearance, all regulatory conditions of the offer have been satisfied. A sanction court hearing will be held on January 15, with the scheme of arrangement for the takeover becoming effective on January 16.
Current stock price: 1,305.25p
12-month change: up 52%
By Tom Waite, Alliance News editor
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