S&N says Heineken bid is 'derisory'

Friday 26 October 2007

British brewer Scottish & Newcastle has rejected out of hand a takeover bid by Heineken and Carlsburg saying it 'undervaluing S&N's strengths and market positions'.

'This unsolicited and derisory proposal is an effort to get S&N's unique portfolio of businesses on the cheap,' said group chairman Brian Stewart in a statement.

Heineken and Carlsburg have offered 720 pence a share for S&N.

Heineken wants to take over S&N's interests in Belgium, Britain, Finland, Ireland and Portugal, as well as India and the United States.

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