Proactive Investors - Britvic PLC (LON:BVIC) shares popped 21% after it was revealed it rejected a fresh takeover offer from Danish brewer Carlsberg (CSE:CARLa) worth around 1,250p per share, representing around a 20% premium to the drink maker's close on Thursday.
This offer follows an earlier proposal from Carlsberg 06 June 2024, which offered 1,200p per share, which the board claimed significantly undervalued the company and its prospects.
Similar feelings were held about the second offer and therefore both bids were unanimously rejected by the board.
Carlsberg now has until July 19 to make a firm offer for the tonic maker or walk away from the deal completley.
Richard Hunter at Interactive Investor said: "While there is no guarantee that any takeover will happen, the news is the latest confirmation that there are many overseas companies running the slide rule over UK PLC
"On the one hand, it recognises that there are many well-run businesses who are trading at a discount to their true value and are therefore attractive bid targets.
"On the other hand, it also reduces the number of companies listed which is a real current concern for policymakers and which has yet to be addressed.”