Soft drink maker Britvic has rejected a £3.1 billion takeover move by Danish brewing giant Carlsberg.
The Robinsons squash and J2O maker saw its shares jump by as much as 15% on Friday in response.
The Hemel Hempstead, Hertfordshire-based company said it received a proposal from Carlsberg for the whole business on June 11.
It said the potential bid valued to the company at 1,250p per share, or £3.1 billion.
But Britvic said it concluded that the approach “significantly undervalues Britvic, and its current and future prospects” and rejected the move days later.
It came a week after it rejected a 1,200p per share approach from Carlsberg.
Britvic told shareholders: “The board remains confident in the current and future prospects of Britvic.
“It recognises its fiduciary duties and will consider any further proposal on its merits.
“There can be no certainty that any firm offer will be made for the company, nor as to the terms of any such offer, should one be made.”
Carlsberg issued a separate statement confirming the move to its investors, saying it believes there could be long-term growth opportunities from a deal.
The Danish company said: “Carlsberg believes that the proposal represents a compelling opportunity for Britvic shareholders to realise their investment in full in cash at an attractive valuation.
“Carlsberg believes that the potential transaction would enable it to capture appealing long-term growth opportunities from Britvic’s comprehensive portfolio of leading brands in an attractive segment of the beverage market where Carlsberg already has a strong track record.”
It comes four years after Carlsberg significantly expanded in the UK through its £780 million joint venture deal with Marston’s, creating the Carlsberg Marston’s Brewing Company, which makes brands including Hobgoblin and Pedigree.