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UK soft-drink maker Britvic has rejected two takeover bids from Carlsberg, saying that the brewer was undervaluing the group.
The maker of Fruit Shoot and J20 revealed on Friday that it had received an initial offer of 1,200 pence per share earlier this month, which it rebuffed. The Danish brewer sweetened its offer to 1,250p a share, which Britvic rejected on June 17.
“The board together with its advisers carefully considered the second proposal, and concluded that it significantly undervalues Britvic, and its current and future prospects,” Britvic said on Friday.
Shares in Britvic surged 15 per cent to 1,167p in early trading.
As well as producing its own branded soft drinks, Britvic has a licensing agreement to manufacture and distribute PepsiCo products in the UK.