LONDON (AP) — Carlsberg and Heineken must make an official offer for Scottish & Newcastle PLC by Jan. 21 or the two brewers will be barred from future bids for at least six months, Britain's Takeover Panel ruled Monday.
Scottish & Newcastle, whose brands include Newcastle Brown Ale and Kronenbourg 1664 lager, last month rejected a 7.3 billion pound ($14.7 billion) approach from Carlsberg A/S and Heineken NV, saying it substantially undervalued the company.
S&N's board welcomed the set deadline.
''By then, the consortium will have had three months to make a decision and S&N believes it is in the interests of the company and its shareholders that this long period of uncertainty is brought to an end,'' the company said in a statement.
S&N accused Carlsberg, its 50-50 partner in Baltic Beverages Holding, a Russian joint venture, of trying to gain full ownership ''on the cheap.''
''Carlsberg has full access to BBH's business plans but has used the confidentiality provisions of the shareholders' agreement to prevent S&N's shareholders from being properly informed about the anticipated growth of BBH,'' S&N said.
Carlsberg and Heineken, in a joint statement, also welcomed the deadline.
''It will focus all parties on the merits of our proposal and consequences of S&N shareholders missing out on a value creating transaction,'' the companies said, urging S&N to open talks as soon as possible.
Scottish & Newcastle shares slipped 0.2 percent to 725 pence ($14.63) on the London Stock Exchange, below the consortium's indicative offer of 750 pence.