Britvic agrees to Carlsberg's sweetened £3.3bn offer

Danish brewing giant Carlsberg on Monday said it had reached a deal to buy UK soft drinks maker Britvic for £3.3bn after two previous bids were rejected.

Under the terms of the Acquisition, Britvic shareholders will get £13.15 a share, including a special dividend of 25p a share. The price implies an enterprise value for the owner of Robinsons and Tango Britvic of £4.1bn.

Britvic two weeks ago said it had rejected two proposals from Carlsberg, one at £12 and another at £12.50p a share.

The Britvic board said they considered the terms of the deal "to be fair and reasonable".

Britvic also released a third-quarter trading update revealing 2.2% volume growth and positive price/mix despite poor weather in Europe. revenue rose 6.3% to £503m against a "tough prior year comparable" where sales rose 9.9%.

In Great Britain, revenue grew 6.6% year on year with both the retail and hospitality channels in growth. Brazil sales were up 48.1% vs the prior year, with both growth from the existing brand portfolio and continued acceleration in energy following the Extra Power acquisition.

Other International revenue fell 6.6%. Growth in Ireland was offset by a decline in France and other international markets.

Reporting by Frank Prenesti for Sharecast.com