Refresco, one of the leading independent soft drink fillers in Europe, has turned down an acquisition proposal from a French private equity group.
The board of the Dutch drinks producer said that the unsolicited €1.4 billion (US$1.49bn) offer by PAI Partners SAS “did not merit any further investigation and have accordingly rejected the proposal”.
In a statement Refresco Group NV said that it had received the proposal on 6 April, adding: “The Executive Board and the Supervisory Board of Refresco have, in line with their fiduciary duty, reviewed the proposal, taking into account the interests of all Refresco’s stakeholders.”
With headquarters in Rotterdam, Refresco offers private label and co-packing services to brands in the still and carbonated drinks business.
Last year, sales increased by 4.5 percent to €2.1 billion ($ 2.23bn) with total drinks volume up 6 percent at 6.46 billion litres, largely as a result of acquiring Whitlock Packaging in 2016, its first move into the US.