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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