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Carlsberg (CARLB; Baa1, BBB+; S) Two offers to buy Britvic were made - both declined

CONSUMER STAPLES

Britvic, parent of juice & soft-drink brands, has responded (here) to media speculation that on 11th June it received a cash offer to acquire it for offer price of £12.50 (~£3.1b we see). It says this was the 2nd proposal after a previously rejected £12.00/share offer on 6th of June.

  • It notes regulatory deadline is 19th of July for Carlsberg.
  • Carlsberg runs net leverage at 1.5x vs. ceiling 2x and has recently come off Moody's upgrade.

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