Carlsberg and Heineken (the “Consortium”) notes recent media reports and
confirms that, whilst it has no plans to raise its proposal above 750 pence, it
wishes to re-confirm that it reserves the right to increase its proposal should
it so decide. The Consortium reiterates that its proposal to acquire Scottish
& Newcastle plc (“S&N”) for 750 pence per share in cash delivers full and fair
value and is at a level substantially in excess of the standalone independent
value of S&N.
The Consortium continues to seek engagement with the board of S&N to convert
the proposal into a firm offer. Whilst the Consortium retains the right to
improve its proposal, there can be no certainty that it will do so, or that any
offer will be made.
This announcement does not constitute an announcement of a firm intention to
make an offer under Rule 2.5 of the Code.
