Carlsberg has made a significant move in its attempts to acquire Britvic PLC (LSE:BVIC) by getting Pepsico, the soft drinks group’s bottler, to waive a change of control clause in its contract.
“This waiver will come into effect should an acquisition of Britvic by Carlsberg, which has the recommendation of Britvic's board, proceed to completion,” said the statement.
On Friday, Britvic revealed Danish brewer Carlsberg had made two bid approaches this month with the latest one priced at 1,250p per share or a 20% premium to the market price.
Britvic's board said that the offer, and the earlier one of 1,200p a share, both significantly undervalued the business.
Carlsberg now has until July 19 to make a firm offer for the tonic maker or walk away from the deal.
Today it said it is still considering its position, adding there is no certainty that any offer will be made.
Shares in Britvic, best known for Robinsons and J2O, jumped by 7% today to 1,1712p, valuing the group at £2.94 billion.