Netherlands-based drinks bottler Refresco has announced that it is entering into merger negotiations with French private-equity firm PAI partners SAS.
Earlier this month the bottling company revealed that it had received a new unsolicited and indicative proposal from the firm, which would see PAI acquire all 81.2 million issued shares in the company for a cash consideration of around €1.6 million.
This 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 its board is carefully reviewing the new proposal.
The company notes that it has interacted with PAI on a number of topics, including the financial and non-financial conditions of the potential deal, and has now entered into official negotiations.
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.