Britvic’s merger with AG Barr has been delayed by the Office of Fair Trading (OFT), which extended its timetable for a decision today (January 14).
After shareholders voted to back the merger last week (January 8), the soft drinks firms were hoping to complete the deal by January 30.
Britvic and AG Barr are now awaiting a revised target decision date from the OFT. This is expected to be in February.
The firms issued a joint statement that said: “The OFT is extending the timetable for its decision on the merger as it has not yet completed its review.
“Britvic and AG Barr are awaiting a revised target decision date from the OFT (expected to be in February).”
Britvic to hold 63%
The merger will give Britvic shareholders around 63% of the new company and AG Barr shareholders 37%.
It was first announced on September 5 last year.
The new combined company will be called Barr Britvic soft drinks.
The companies anticipate that the merger will create “one of the leading soft drinks companies in Europe”, with annual sales of more than £1.5bn and “significant prospects for future growth”.
The head office of Barr Britvic will be in Cumbernauld, North Lanarkshire.
AG Barr makes Irun Bru, Tizer and Rubicon. Britvic makes Tango, Robinsons, J2O and Fruit Shoot.