S&N reported "good progress" in most of its core markets, but said it had been challenged by underlying market weakness in some Western European markets.
The Danish and Dutch brewers, who have formed a consortium to take over the Scottish brewer, hope to persuade S&N's shareholders to "encourage their board to engage with the consortium".
The latest bid – 750p a share - significantly undervalues the company, according to S&N's board.
S&N believes the bid is a tactic by Carlsberg to gain control of Baltic Beverages Holdings, in which S&N and Carlsberg share a majority stake. It has called arbitration proceedings, as it believes Carlsberg has broken the terms of a shareholders agreement and must therefore offer up its stake for S&N to buy.
Carlsberg said "there is no merit to the BBH arbitration case".