Danish brewer Carlsberg to buy soft drinks maker Britvic in $4 billion deal after improved offer

LONDON — Soft drinks maker Britvic has agreed to a sweetened takeover bid of £3.28 billion ($4.2 billion) from Carlsberg, the companies said Monday.

The deal agreed offered 1,290 pence per share for Britvic, with a small dividend that gives shareholders 1,315 pence per share.

Britvic in June refused an improved cash takeover bid from Carlsberg offering 1,250 pence per share of the British soft drinks maker. It said at the time that the proposal "significantly undervalues Britvic, and its current and future prospects." Carlsberg's previous June 6 offer price of 1,200 pence per Britvic share was also declined.

Ian Durant, the non-executive chair of Britvic, said the proposed deal "creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors." He also namechecked Carlsberg's agreement with PepsiCo which, he said, provides the "combined group with a strong platform for continued success."

Carlsberg CEO Jacob Aarup-Andersen said in the same statement that the deal combines "Britvic's high-quality soft drinks portfolio with Carlsberg's strong beer portfolio and route-to-market capabilities, creating an enhanced proposition across the UK and markets in Western Europe."

PepsiCo is key to the deal, as Britvic bottles and distributes PepsiCo brands in the U.K. and Ireland. Carlsberg and PepsiCo earlier this year agreed to waive a "change of control clause" in the bottling contract.