Coca-Cola European Partners plc (CCEP) February 14 entered into a binding agreement for a best and final offer of A$13.50 to the Independent Shareholders of Coca-Cola Amatil Limited (CCL), as it was informed by the company.
The terms of the agreement with The Coca-Cola Company (KO) remain unchanged
On 26 October 2020, CCEP announced it had offered to acquire 69.2% of the issued share capital of CCL, held by shareholders other than KO for A$12.75 per share in cash and agreed with KO terms for the purchase of its 30.8% shareholding in CCL.
Following recent discussions with the Board of Directors of CCL and after careful consideration CCEP announced the best and final offer of A$13.50 per share in cash.
CCEP and CCL have entered into a binding agreement to give effect to the revised offer. The terms of the best and final offer to the Independent Shareholders imply a 5.9% increase to CCEP’s prior offer and represent a premium of 36% to the 1-month VWAP.
The revised Scheme remains subject to customary conditions, including CCL’s Independent Shareholder approval, court approval and New Zealand foreign investment regulatory approval. On 29 January 2021 CCEP announced that it had received approval for the Scheme from the Australian Foreign Investment Review Board.
Rothschild & Co are acting as lead financial adviser. Credit Suisse are financial advisers to the Affiliated Transaction Committee (ATC) of the Board of Directors of CCEP. Macquarie Capital is also acting as a financial adviser to CCEP in connection with the transaction.
Coca-Cola European Partners plc is a leading consumer goods company in Western Europe, making, selling & distributing an extensive range of non-alcoholic ready to drink beverages. CCEP serves a consumer population of over 300 million across Western Europe. The Company is listed on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange & on the Spanish Stock Exchanges.
Coca-Cola Amatil Limited is one of the largest bottlers and distributors of ready-to-drink non-alcohol and alcohol beverages and coffee in the Asia Pacific region. CCL is the authorised bottler and distributor of KO's beverage brands in Australia, New Zealand, Fiji, Indonesia, Papua New Guinea and Samoa.
