E-Malt.com News article: UK: Scottish & Newcastle opens talks as Carlsberg and Heineken agree to meet 800p demand

Scottish & Newcastle plc ("S&N" or the "Company") and Carlsberg A/S ("Carlsberg") and Heineken N.V. ("Heineken") (together the "Consortium"), confirm that they have entered into discussions in relation to a possible recommended offer for S&N at 800 pence per share, according to S&N’s press release, January 17.

The Consortium's proposal is subject to certain pre-conditions, including satisfactory completion of limited due diligence. The parties have approached the Panel to request a short extension to the Put up or Shut up deadline to 12 noon on 24 January 2008, to enable the Consortium to complete its due diligence. The potential additional 20 pence per share of the proposed increased offer price will be funded by Carlsberg. Shareholders should be aware that there can be no certainty that a formal offer will be made. A further announcement will be made as appropriate.


18 January, 2008