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The Gap Partnership

Britvic and AG Barr to merge

AG Barr and Britvic have announced a deal has been struck to merge the two firms.

14 November 2012

Drinks firms AG Barr and Britvic have confirmed their plans to merge.

The deal is set to merge the pair with a share ratio of 0.816 new AG Barr Shares for each Britvic share, which would lead to Britvic shareholders owning 63 per cent of the new firm, to be known as Barr Britvic Soft Drinks plc.

News of the merger comes after lengthy discussions that led to the Takeover Panel twice agreeing extensions to the talks, while doubts were cast on the deal even this week by one of Britvic's main shareholders.

Harris Associates, which owns 3.4 per cent of shares in the firm, was unhappy with the ratio of shares, with its chief investment officer David Herro telling the Sunday Times this was "poorly negotiated in our view" and arguing it did not accurately reflect the relative profits of the firms.

Those involved in lengthy negotiations over deals to combine firms may find the use of merger and acquisition consultants to be invaluable.

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