Robinsons squash maker Britvic agrees £3.3billion takeover by Carlsberg

Robinsons and Carlsberg logo

Carlsberg will pay 1,315p for each Britvic share under the deal

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Temi Laleye

By Temi Laleye


Published: 08/07/2024

- 08:20

Carlsberg will pay 1,315p for each Britvic share under the deal

Robinsons squash maker Britvic has agreed a £3.3billion takeover by Danish company Carlsberg, the British soft drinks firm has announced.

Carlsberg will pay 1,315p for each Britvic share under the deal, which is higher than its previous 1,250p approach last month, which was rejected for being too low.




Including debts, the deal values Britvic at around £4.1billion, the firms said.

Ian Durant, non-executive chairman of Britvic, said: “The proposed transaction creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors.

“The board of directors believe that the strategic merits of this offer are compelling, and the offer also provides shareholders with the opportunity to receive the certainty of cash consideration that reflects the current strength and medium-term prospects of the Britvic business.”

Shares in Britvic jumped after it rejected a second takeover offer from Carlsberg worth around £3billion a couple of weeks ago.

Woman drinking green tea

Shares in Britvic jumped after it rejected a second takeover offer from Carlsberg

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The UK soft drinks firm, which also makes J2O and Tango, told shareholders on Monday morning it will recommend the latest deal – which is valued at £4.1billion when debts are taken into account – after rejecting the previous offer.

The brewing giant had been expected to return with a stronger offer after PepsiCo struck a deal with Carlsberg which would preserve Britvic’s bottling agreement with the US drinks giant in the event of a takeover.

Britvic said the previous proposal for £3.1billion “significantly undervalues” the business.

Carlsberg originally made its first offer of 1,200p per share on June 7 and increased its offer to 1,250p per share on June 11.

However, the board of London-listed Britvic rejected the proposal on June 17.

Following the announcement, shares in Britvic surged by more than 10 per cent.

In a separate deal on Monday, Carlsberg also agreed to take control of its UK brewing joint venture with Marston’s, the Carlsberg Marston’s Brewing Company, which makes brands including Hobgoblin and Pedigree.

Marston’s confirmed it will receive £206million to sell Carlsberg its 40 per cent stake in the venture.

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Carlsberg agreed to take control of its UK brewing joint venture with Marston’s

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In May, Britvic reported a strong six months thanks to the strength of Lipton Ice Tea, with the canned version’s launch bumping the brand’s revenue up 27.6 per cent.

The soft drink manufacturer reported a revenue jump 11.2 per cent over the last six months, with profit after tax rising 10.1 per cent.

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