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S&N and Sunrise Acquisitions reach agreement on recommended cash offer

28th January 2008
By Staff Writer

Sunrise Acquisitions, a company jointly owned by Heineken and Carlsberg, and brewer Scottish & Newcastle have reached agreement on the terms of a recommended cash offer to be made by BidCo, a company jointly owned by Carlsberg and Heineken, for the entire issued and to be issued share capital of Scottish & Newcastle.







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Under the terms of the offer, scheme shareholders will receive 800 pence in cash for each Scottish & Newcastle (S&N) share. The offer will be implemented by way of a court-sanctioned scheme of arrangement.

The offer values S&N's entire existing issued share capital at approximately GBP7.6 billion and the entire issued and to be issued share capital at approximately GBP7.8 billion.

Following completion of the offer, S&N's share of BBH, as well as the French, Greek, Chinese and Vietnamese operations will be transferred to Carlsberg. Heineken will continue to hold the remaining businesses, principally the UK and Ireland, Portuguese, Finnish, Belgian, US and Indian operations.

Jorgen Rasmussen, president and CEO of Carlsberg, said: "In a single step we have created the world's fastest growing global brewer. We now have full control of our destiny in Russia and other BBH territories and I am truly excited about the new opportunities this will present to us."

Jean-Francois van Boxmeer, chairman and CEO of Heineken, said: "This is a significant strategic step for Heineken. It gives us undisputed leadership in Europe and creates significant opportunities in profitable markets to grow the premium Heineken brand."

Sir Brian Stewart, chairman of S&N, said: "The S&N board believes that the consortium's offer delivers a fair value for S&N, reflecting its growth prospects, and will be recommending that shareholders accept."



in http://www.drinks-business-review.com

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