British soft drinks maker Britvic on Friday rejected a £3.1 billion takeover proposal from Danish brewing giant Carlsberg, citing undervaluation of the company.

The FTSE 250 company, known for brands such as J20 and Robinsons, revealed that Carlsberg had made two separate approaches this month. The initial offer of £12 per share on 6 June was followed by an increased bid of £12.50 per share on 11 June. Both proposals were turned down by Britvic's board.

Carlsberg's latest offer represented a premium of more than 23 per cent over Britvic's closing share price on Thursday. The Danish brewer now has until 19 July to make a firm offer or walk away, as per UK takeover regulations.

Industry analysts suggest that Carlsberg's interest in Britvic aligns with a broader trend among major brewers to diversify beyond traditional beer markets.

The Danish company aims to expand its portfolio in categories such as cider, hard lemonade, and ready-to-drink cocktails, responding to changing consumer preferences.

Britvic, founded in the 1930s, has a strong presence in the UK and international markets, including Brazil, France, and Ireland. The company recently reported an 11 per cent increase in revenue to £880 million for the six months ended 31 March, with pre-tax profits rising by 10 per cent to £60 million.

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