S&N rejects formal bid from Carlsberg & Heineken

25 October, 2007

Scottish & Newcastle has rejected a "highly conditional" take-over offer from Carlsberg and Heineken in which they offered 720 pence per share.

The Consortium sent a letter to S&N's chairman Sir Brian Stewart earlier today with the conditional proposal, but it was followed by a statement by S&N urging shareholders to "take no action."

Stewart said: "This unsolicited and derisory proposal is an effort to get S&N's unique portfolio of businesses on the cheap. We will continue to take all actions to maximise shareholder value."

However, in a statement, the consortium said it: "strongly believes that its proposal is strategically compelling and that a recommended transaction is in the best interests of S&N's shareholders."

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