Netherlands-based drinks bottler Refresco has announced that it reached a conditional agreement with a consortium of PAI Partners and British Columbia Investment Management Corporation (bcIMC) on a recommended cash public offer for all of the company's shares.
Now, the consortium has recommended a fully funded public offer for all the issued and outstanding ordinary shares of Refresco, at a price of €20 per share.
The offer price values 100% of the company's shares at €1.623 billion.
"This offer represents a fair value for our shareholders and is yet another milestone for the company," said Hans Roelofs, CEO of Refresco.
"The consortium fully supports our strategy, and with its track record, financial strength and understanding of our business, they can support the company whilst we accelerate our growth plan going forward."
The deal would also include Refresco's recent acquisition of Cott's bottling activities, which is expected to be completed before the end of the year.
Refresco previously rejected a €1.4 billion takeover bid from PAI in April of this year, but says that the new deal is a good transaction for the company and is recommending that shareholders accept the offer.
"Our focus of growing alongside our customers in the markets where we currently operate and expanding geographically remains unchanged," added Roelofs.
"I look forward to this new phase of private ownership, and for all our employees and customers to capitalise on the opportunities ahead of us."
The Rotterdam-based company operates 29 manufacturing facilities in the US and Europe, and it saw revenue increase to €1,166 million in the first six months of 2017.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.