Britvic – 387p

14 November 2012 – merger update

Agreement has been reached on the terms of a recommended all-share merger with A.G. Barr.  The Merger ratio will be 0.816 New A.G. Barr Shares for every Britvic Share held, resulting in Britvic Shareholders holding approximately 63% and A.G. Barr Shareholders holding approximately 37% of the issued share capital of the new entity, to be named Barr Britvic Soft Drinks plc.  We rate the shares as a HOLD at this level.

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