(Alliance News) - Britvic PLC on Friday said that it has rejected a second offer from Carlsberg Group, which it said "significantly undervalued" the company.

Britvic, which is a Hemel Hempstead, England-based soft drinks maker, behind brands such as Robinsons squash, received the possible cash offer on June 11 at an offer price of 1,250 pence per Britvic share.

However, the board "unanimously" rejected the proposal on Monday, as they believed it undervalued Britvic. Carlsberg's offer followed a previously rejected proposal on June 6, at an offer price of 1,200p per Britvic share.

Carlsberg on Friday said it was considering its position following the rejection and will make a further announcement.

Looking forward, Britvic said it would continue to consider any further proposal, but that the board remained "confident" in the current and future prospects of the company.

For the six months ended March 31, Britvic reported pretax profit of GBP78.2 million, up 13% from GBP69.3 million a year prior. Revenue climbed 11% to GBP880.3 million from GBP794.0 million. Basic earnings per share rose 15% to 24.1p from 21.0p.

Carlsberg must announce a firm intention to make an offer for Britvic by July 19, or announce that it does not intend to make an offer.

Shares in Britvic were up 14% at 1,162.02 pence each in London on Friday morning.

By Holly Beveridge, Alliance News senior reporter

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