S&N rejects higher Heineken offer

British brewer Scottish & Newcastle on Thursday rejected an improved 780 pence per share offer from Heineken and Carlsberg.

Only if the bid is upwards of 800 pence is the UK company prepared to talk to its continental suitors, S&N said in a statement on Thursday.
Heineken and Carlsberg first offered 720 pence a share and later raised this to 750 pence. The new offer values S&N at over €10bn. According to news agency ANP, Heineken and Carlsberg have arranged the necessary financing.
Heineken CEO Jean-Francois van Boxmeer urged S&N shareholders to put pressure on the board. ‘It is about time shareholders took a decision,’ he was reported as saying.
Heineken and Carlsberg have repeatedly said they do not want to bring out a hostile bid but time is running out. The British takeover panel has given them until January 21 to make a formal offer.

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