Carlsberg and Heineken increased their bid for Scottish and Newcastle (S&N) today.
Denmark's Carlsberg and Amsterdam-based Heineken raised their proposed cash offer to 750 pence per share, valuing Britain's last big independent brewer at £7.3 billion (€10.2 billion) from their opening bid last month of 720p.
But S&N continued to rebuff the would-be buyers. "The board . . . has no hesitation in rejecting this wholly inadequate proposal as it substantially undervalues the unique strengths and market position of S&N," the UK brewer said.
The revised offer sent S&N's shares 2.9 per cent higher to 762 pence by 12.54pm. The stock had already been trading above the new bid price when the increase was announced.
Heineken shares were down 4.6 per cent at €44.23, while Carlsberg was 0.3 per cent higher at 650 Danish crowns.
Shares in S&N rose last month when Carlsberg and Heineken revealed they were planning a bid. The world's fifth- and fourth-biggest brewers intend to share out the assets to overcome antitrust concerns.