Coca-Cola Amatil (CCL) see bid from European partner
Coca-Cola Amatil (CCL) +16.28%
On the flip side, CCL confirmed it had received a bid from Coca-Cola European Partners (CCEP) at $12.75/share. The non-binding offer was an 18.6% premium to yesterday’s close while the announcement noted the current bid followed “ number of previous proposals” suggesting the Amatil board had managed to negotiate an improved price for CCL holders. The independent directors of the board intend to unanimously recommend the offer which prices CCL just below the 52-week high hit in February despite today’s simultaneous trading update showing sales in the 3rd quarter were below that of last year. We would expect the deal to be rubber stamped without too much worry – CCL closed today with just a 2% discount to terms, little value in being on either side of the trade here.
Coca-Cola Amatil (CCL) Chart
