Refresco has entered into negotiations with PAI Partners, hinting it may be open to accepting an improved takeover bid.
PAI Partners returned with a €1.6 billion offer at the beginning of October,after turning down a €1.4 billion dollar offer back in April.
"On 3 October, we received an unsolicited, indicative and conditional proposal from PAI, which was carefully reviewed by the Executive Board and the Supervisory Board in line with their fiduciary duties," Refresco told in a release.
Since, interaction has taken place with PAI on a number of topics, including the financial and non-financial conditions. Following this interaction, the company has now entered into negotiations with PAI.
The Boards will take the interest of all stakeholders into account, and will continue to focus on the closing of the transformational acquisition of Cott's bottling activities.
For further information, please contact:
Gerard van Buttingha Wichers
Refresco
Tel: +31 (0)10 440 51 64