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Authors: Peter Lindberg (University of Gavle)
Originally published in: 2019
Revision date: 14-Oct-2019

Abstract

This case describes the attempt by Carlsberg and Heineken to takeover and split the British brewer Scottish & Newcastle (S&N). The case describes the events in chronological order starting with the announcement of the bid. The Board of Directors of S&N firmly rejects the bid, thereby turning the bid hostile. The Board argues that the bid fundamentally undervalues S&N and its growth opportunities, while Carlsberg and Heineken do their best to convince the shareholders of S&N to accept the bid. By resisting the takeover attempt, the Board of S&N forces Carlsberg and Heineken to increase the bid three times, thereby generating more value for the shareholders of S&N.

Teaching and learning

This item is suitable for undergraduate courses.

Time period

The events covered by this case took place in 2007-2008.

Geographical setting

Region:
Europe
Countries:
United Kingdom; The Netherlands; Denmark; Sweden

Featured company

Scottish & Newcastle
Type:
Privately held
Industry:
Brewery

About

Abstract

This case describes the attempt by Carlsberg and Heineken to takeover and split the British brewer Scottish & Newcastle (S&N). The case describes the events in chronological order starting with the announcement of the bid. The Board of Directors of S&N firmly rejects the bid, thereby turning the bid hostile. The Board argues that the bid fundamentally undervalues S&N and its growth opportunities, while Carlsberg and Heineken do their best to convince the shareholders of S&N to accept the bid. By resisting the takeover attempt, the Board of S&N forces Carlsberg and Heineken to increase the bid three times, thereby generating more value for the shareholders of S&N.

Teaching and learning

This item is suitable for undergraduate courses.

Settings

Time period

The events covered by this case took place in 2007-2008.

Geographical setting

Region:
Europe
Countries:
United Kingdom; The Netherlands; Denmark; Sweden

Featured company

Scottish & Newcastle
Type:
Privately held
Industry:
Brewery

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