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Authors:
Peter Lindberg (University of Gavle)
Published in:
2019
Revision date:
14-Oct-2019
Length:
14 pages
Data source:
Published sources

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.

Topics

Finance; Mergers & acquisitions (M&A); Business; Cross-border acquisitions; Merger & Acquisition; Synergy in mergers; Breweries; Brewery; M&A; Hostile bid; Hostile takeover

Setting

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

Geographical setting

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

Featured company

Company name:
Scottish & Newcastle
Type:
Privately held
Industry:
Brewery

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