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Carlsberg (CARLB; Baa1, BBB+; S) Carlsberg also responds to above

CONSUMER STAPLES

We see the CARLB standalone (at end of last year) at net 1.5x and gross 2.6x leveraging moving to 3.4x pro-forma on the declined ~£3.1b px tag. It has cash short-fall of £1.6b which should see issuance (if deal goes through). BVIC has £0.8b in debt against the £0.3b in EBITDA it brings which is cushioning some of this impact.

  • It has responded with a pressor (here) confirming above offers were made and final £12.50 was a EV multiple of 13.1x to Britvic's LTM EBITDA of £302m (implied ~£4b). It adds was a 29% premium to closing share price (then). For reference EV of CARLB is ~£16.5b with £4.5b on debt.
  • It is "considering its position". Notes offer was compelling given in full in cash. Goes on to highlight benefits of transaction for CARLB.
  • Obviously credit negative on cash use here and apparently equities not a fan either (down 3% on open).
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