Coca-Cola European Partners has increased its offer price for Coca-Cola Amatil, in a bid to satisfy shareholders who said its original offer was too low.
CCEP raised its $12.75 per share offer 5.9 per cent to $13.50, with CCEP declaring the new offer its best and final.
On 4 November 2020, Amatil announced it had entered a Scheme Implementation Deed with CCEP. CCEP offered to buy 69.2 per cent of the entire existing share capital of Amatil, and enter a co-operation and sale deed with The Coca-Cola Company in respect to the acquisition of its 30.8 per cent interest, conditional on implementation of the scheme with Amatil. There is no change to that agreement and TCCC will continue to receive the original consideration agreed
Amatil group managing director Alison Watkins recommended independent shareholders vote in favour of the revised scheme in the absence of a superior proposal.
Amatil chair Ilana Atlas said the economic outlook for Australia and New Zealand has improved since the original CCEP proposal and recent trading demonstrated the company’s recovery.
Atlas said: “The value of Amatil has increased and we are pleased that CCEP has acknowledged this in increasing its proposed cash consideration to Independent Shareholders. The RPC and the group managing director unanimously consider that the revised scheme, including the revised price, is in the best interests of Independent Shareholders.”
