S&N Say Nope

Scottish & Newcastle, Britain’s largest brewer, rejected a $13.8 billion takeover bid from Carlsberg and Heineken NV as too low.

“This unsolicited and derisory proposal is an effort to get S&N’s unique portfolio of businesses on the cheap,” Chairman Brian Stewart said in today’s statement. “We will continue to take all actions to maximize shareholder value.”

Heineken would have a 46 percent stake in the bid and Carlsberg 54 percent, according to their subsequent joint statement. .

“We are disappointed that S&N are not engaging in discussions,” said Carlsberg spokesman Jens Peter Skaarup. “We see the price as compelling. We’ll have to wait and see whether S&N will read our proposal again, as well as shareholders,” he added, when asked whether the bid may be raised.

Meanwhile, some industry analyist were predicting that A-B will toss in a bid, or perhaps partner with S&N for an alternative structure.