CCEP has raised the offer to $9.93bn AUD ($7.7bn USD), up from its offer of AUD $9.28bn ($6.6bn) in October.
The offer has been raised thanks to stronger economic conditions and market outlook as Australia and New Zealand recover from the pandemic. CCEP has declared that this is its best and final offer.
Amatil Chairman Ilana Atlas said, "The economic outlook for Australia and New Zealand has improved since the announcement of the original CCEP proposal and recent trading validates our strategy and demonstrates our strong recovery. The value of Amatil has increased and we are pleased that CCEP has acknowledged this in increasing its proposed cash consideration to Independent Shareholders.”
Amatil’s Related Party Committee and Group Managing Director unanimously recommend the increased offer.
CCEP – which is the largest Coca-Cola bottler by revenue with markets centred in Western Europe – says the proposed acquisition would create a broader and more balanced footprint for CCEP while almost doubling its consumer reach.
The proposed acquisition is predicted to grow CCEP’s revenues by 25% from €12bn ($14.2bn) to more than €15bn ($17.7bn). It also gives CCEP access to the Australian and New Zealand markets – largely similar to its own – as well as the fast-growing, populous country of Indonesia.
The acquisition would see CCEP acquire 69.2% of the existing share capital of Coca-Cola Amatil held by independent shareholders; while a separate proposal with The Coca-Cola Company would acquire TCCC’s 30.8% interest in Amatil (19.5% of CCEP is owned by TCCC). This latter offer for the shares held by TCCC remains unchanged.
