Heineken, Carlsberg Buys Scottish & Newcastle plc for greater expansion
Dated: 29 January 2008
The boards of Sunrise Acquisitions Limited (BidCo) and Scottish & Newcastle plc (S&N) said they have reached agreement on the terms of a recommended cash offer to be made by BidCo, a newly incorporated company jointly owned by Carlsberg A/S (Carlsberg) and Heineken N.V. (Heineken) for the entire issued and to be issued share capital of S&N.
Under the terms of the offer, Scheme Shareholders will receive 800 pence in cash for each S&N Share. The offer will be implemented by way of a court-sanctioned Scheme of Arrangement (the “Scheme”).
The offer values S&N’s entire existing issued share capital at approximately £7.6 billion (US$15.13 billion) and the entire issued and to be issued share capital at approximately £7.8 billion. No final dividend will be payable.
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.
The businesses will be separated as soon as possible and in any event within 12 months after the effective date.
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