Scottish & Newcastle has rejected a bid from rival companies.

Scottish & Newcastle (S&N), one of the world’s leading beer-led beverages companies, has rejected a conditional proposal – an offer for S&N at 750 pence per share – from Heineken and Carlsberg.

According to a statement made by the company, S&N had ‘no hesitation in rejecting this wholly inadequate proposal as it substantially undervalues the unique strengths and market positions of S&N’.

Sir Brian Stewart, Chairman of S&N, commented: “Carlsberg and Heineken’s marginally increased proposal continues their attempt to get S&N’s unique portfolio of businesses on the cheap. The Board is highly confident in the actions being taken to maximise shareholder value, and strongly urges shareholders to take no action.”

The company also stated that it strongly objected to Carlsberg’s refusal to allow agreed information about BBH’s (Baltic Beverages Holding – a joint venture between S&N and Carlsberg) prospects to be released.