Carlsberg is understood to be putting together a third bid for Britvic as it confirmed that PepsiCo has agreed to waive the change of control clause in its bottling arrangement it has with the soft drinks manufacturer if the acquisition goes ahead.
Last week, Britvic rejected a £3.1bn takeover proposal – or £12.50 per share – from the beer giant as it claimed it was “significantly” undervaluing its portfolio.
Britvic – which owns popular brands such as 7up, Gatorade, Robinsons, Tango, Fruit Shoot and Whites Lemonade and produces and sells Pepsi in Britain and Ireland under exclusive agreements with US giant PepsiCo – rejected Carlsberg’s first offer earlier this month, of £12 per share earlier this month, before also declining its higher bid of June 17.
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It has to announce its firm intention to make an offer by 5pm on 19 July.
The Times reported that Carlsberg is looking to table a third offer, however, when the drinks giant revealed that PepsiCo had waived the clause this morning it said that “there can be no certainty that any offer will be made”.
Britvic shares have fizzed since the takeover attempts emerged, up 23.6% over the past week.
