Scottish and Newcastle rejects 'inadequate' new bid by Carlsberg-Heineken

0 Comments | AFP, November, 2007

LONDON (AFP) — Brewing giant Scottish and Newcastle on Thursday angrily rejected an improved joint takeover bid from Carlsberg and Heineken as an attempt to get Scottish and Newcastle "on the cheap."

S&N, the maker of Foster's lager and Strongbow cider, said the 7.3-billion-pound bid was "wholly inadequate."

The new proposal was worth 9.7 billion pounds if debt is included. It offered 750 pence for each S&N share.

Last month, Carlsberg and Heineken tabled an initial offer worth 6.8 billion pounds, or 720 pence per share, which S&N rejected.

"Carlsberg and Heineken's marginally increased proposal continues their attempt to get S&N's unique portfolio of businesses on the cheap," Scottish & Newcastle chairman Brian Stewart said in a statement.

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