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Britvic Plc, AG Barr PLC Merger Deal Collapses-Reuters

Thursday, 11 Jul 2013 12:13pm EDT 

Reuters reported that a planned merger between soft drink makers Britvic Plc and AG Barr PLC collapsed on July 11, 2013 after Britvic rejected a new proposal from its smaller rival. Britvic had already played down the prospects for reviving the merger talks, which were effectively put on hold earlier this year because of a competition investigation into the proposed deal. Irn Bru-maker A.G. Barr and Britvic, behind the Robinsons and Tango brands, had agreed an all-share merger in November, which lapsed in February when Britain's competition watchdog launched an investigation. The Competition Commission provisionally cleared the deal in June before giving official approval on July 09, 2013. A.G. Barr said following Britain's competition watchdog decision to clear the merger in July, it had made a revised proposal to Britvic which was on more favorable terms for Britvic shareholders than a previous one. Britvic said the revised proposal offered its investors a 65% share of the combined group, while Barr shareholders would have owned the rest. Britvic became less enthusiastic about resurrecting the deal after the delay gave it time to step up expansion into overseas markets such as United States, India and Spain. Under the original terms, investors in Britvic would have owned 63% of the combined group. The two together would have been worth about 1.9 billion pounds ($2.9 billion), based on current market values, compared with 1.3 billion when talks first emerged last year. 

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