Scottish & Newcastle brewer snubs new takeover bid

0 Comments | AFP, January, 2008

LONDON (AFP) — Scottish and Newcastle said Thursday it has rejected an improved bid from Danish group Carlsberg and Dutch peer Heineken that was worth about 7.6 billion pounds (10.1 billion euros, 14.8 billion dollars).

S&N -- the maker of Foster's lager and Strongbow cider -- said in a statement that Carlsberg and Heineken had ramped up their offer to 780 pence per share, compared with 750 pence previously.

"The board concluded ... that (the bid) still failed to reflect the unique strengths and market positions of the company and again failed to be competitive with the alternatives the company can pursue for delivering value to its shareholders," S&N said in a statement.

The company added that it would only consider an offer of at least 800 pence per share...