Heineken and Carlsberg May Increase Bid for S&N

11/12/07 Heineken and Carlsberg have noted recent media reports and confirms that, whilst it has no plans to raise its proposal above 750 pence, it wishes to re-confirm that it reserves the right to increase its proposal should it so decide. The Consortium reiterates that its proposal to acquire Scottish & Newcastle plc for 750 pence per share in cash delivers full and fair value and is at a level substantially in excess of the standalone independent value of S&N. 
 
The Consortium said that they are continuing to seek engagement with the board of S&N to convert the proposal into a firm offer. While the Consortium retains the right to improve its proposal, there can be no certainty that it will do so, or that any offer will be made.
 
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Code, the Consortium said.