Coca Cola European Partners (CCEP) takeover bid for Coca Cola Amatail (ASX: CCL) is starting to fizz with the companies announcing they have entered into a Scheme Implementation Deed.
The deed provides a roadmap for CCEP to acquire all Amatil shares held by independent shareholders.
In a statement to the ASX Amatil also confirmed that CCEP had been allowed to start to cast an eye over the company's books.
Amatil chairman Ms Ilana Atlas said with the objective of maximising value for independent shareholders, the company's related party committee had allowed CCEP to undertake confirmatory due diligence and negotiate transaction documentation.
"We have now entered into the Scheme Implementation Deed and are pleased that independent shareholders will be able to vote on the scheme," she said.
As previously revealed, independent shareholders would receive $12.75 a share, which would give Amatil an enterprise value of $10.87 billion.
Amatil shares were trading at $12.57 at 10:15 AEST.
The sale has been give the thumbs up by the beverage group's independent directors with Amatil announcing all directors and group managing director Alison Watkins intended to vote, or procure the voting of, in favour of the scheme.
Amatil said shareholders could anticipate receiving a booklet on the scheme in February with a vote on the deal set for March.
The sale would see a new beginning for the 116-year-old company which began life as British Tobacco (Australia) in 1904 and first listed on the ASX in 1972.
It would also give CCEP access to a range of products offered by Amatil from the traditional Coco-Cola brands to Makers Mark bourbon, Powerade and Feral Brewing.
If independent shareholders give the scheme the green light, it would give CCEP the opportunity to buy the remainder of Amatil's shares, which are held by The Coca-Cola Company.
That deal would be less favourable than the terms offered to the independent shareholders.
Business News Australia