AG Barr and Britvic to Press on With Merger Despite Regulatory Setback

The Boards of A.G. Barr and Britvic refer to their joint announcement noting the decision by the Office of Fair Trading (OFT) to refer the proposed merger of A.G. Barr and Britvic to the Competition Commission due to concerns that the Merger could reduce competition between certain brands of A.G. Barr and Britvic.

15 Feb 2013 --- A.G. Barr and Britvic believe that the merger will not result in a substantial lessening of competition and that they will be able to demonstrate this to the Competition Commission. The Boards of A.G. Barr and Britvic therefore intend to work together with the Competition Commission during its investigation with a view to seeking clearance of the proposed merger. The Competition Commission's investigation is expected to take approximately six months. If clearance is received from the Competition Commission on terms satisfactory to both A.G. Barr and Britvic, the Boards of A.G. Barr and Britvic will each reconsider, at that time, the terms of a possible merger between A.G. Barr and Britvic. There can be no certainty or assurance that, following such clearance, any such merger would be forthcoming or that any offer will be made by either A.G. Barr or Britvic.

A.G. Barr and Britvic consider there to be compelling rationale for clearance. The view of the two Boards on the benefits of the transaction is unchanged and they continue to believe that it is in the interests of the two shareholder groups. A.G. Barr and Britvic will continue to work closely with the authorities to expedite clearance.