After three months of battles, Scottish & Newcastle has agreed to enter discussions that would result in Carlsberg and Heineken taking over the UK brewing giant.
The Times Online reports:
S&N agreed to open its books after the pair increased their bid for the third time to 800p a share, ending a three-month takeover stand-off.
The groupâ€™s chairman, Sir Brian Stewart, had fiercely held out against the Dutch and Danish suitors, but sources said the two sides entered talks this week.
Heineken and Carlsberg first approached S&N in October. S&N owns the Newcastle Brown, Kronenbourg and Strongbow brands, but the center of interest is Baltic Beverages Holding, the fast-growing Russian and Baltic brewer that S&N jointly controls with Carlsberg on a 50-50 basis.