Carlsberg shares were on course for their largest single-day decline in more than four years on Friday, after the British soft drinks maker Britvic said it had rejected the Danish brewer's £3.11 billion ($3.9 billion) takeover proposal.
This is the company's largest single-day share drop since March 12, 2020, when stock fell 8.77%.
Earlier in the session, Britvic announced it had on June 17 refused an improved cash takeover bid from Carlsberg offering 1,250 pence per share of the British soft drinks maker.
This was Carlsberg's second bid, after its June 6 offer price of 1,200 pence per Britvic share was also declined.
Carlsberg confirmed the rejection of its second proposal, which it qualified as "a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation."
Persons:
Britvic
Organizations:
Carlsberg, PepsiCo
Locations:
London, Danish, Britain