(Alliance News) - Coca-Cola European Partners PLC on Monday boosted its offer price for Coca-Cola Amatil Ltd, on the back an improvement in fortunes for the Asia-Pacific-focused soft drinks bottler.
After "recent discussions" with Amatil's board, CCEP unveiled a "best and final offer" of AUD13.50 per share, valuing the Sydney-listed firm at AUD9.77 billion, about GBP5.47 billion. CCEP had initially offered AUD12.75 per Amatil share.
Amatil shares closed up 2.1% at AUD13.41 each in Sydney on Monday. Its stock price had risen past the initial CCEP bid around early December.
CCEP, also a soft drinks bottler, was untraded in London on Monday morning, last quoted at EUR41.95. CCEP operates in the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway.
Amatil's shareholders have backed the improved offer, CCEP said. The AUD13.50 bid is a 36% premium to Amatil's one-month average share price.
"Following recent discussions with the board of directors of CCL and after careful consideration of CCL's improved trading and net debt position, CCEP is announcing a best and final offer to the independent shareholders of AUD13.50," CCEP said.
The new offer "significantly" changes the timing of the deal, with completion now expected in late April to early May.
The Uxbridge, Middlesex-based soft-drinks bottler back in October first presented a plan to acquire 69% of Sydney-based Coca-Cola Amatil from investors, as well as the remaining 31% from Coca-Cola Co, for a total value of AUD8.7 billion.
The acquisition would create a broader and more balanced footprint for the CCEP while almost doubling its consumer reach.
On Monday, CCEP said it is to acquire just under 11% of Amatil's shares from Coca-Cola Co under an agreement with the Atlanta, Georgia-based firm. It is yet to make "any election to acquire" Coca-Cola Co's remaining 20% interest.
CCEP Chief Executive Officer Damian Gammell said: "We look forward to a stronger future together. We will build on our collective strengths through excellent people, a diverse culture, leading commercial capabilities and our commitment to sustainability."
By Eric Cunha; ericcunha@alliancenews.com
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Coca-cola Euro. (CCEP)