Bottling group Refresco has confirmed that it had received an unsolicited buyout offer from private equity firm PAI Partners, which valued it at €1.4bn.
Refresco, which made the statement following a report by Bloomberg News, said it had received the offer on 6 April. It added that its board ruled that the offer did not merit further consideration. Media reports said PAI is expected to make another bid, as it looks to take Refresco private.
The group is the largest bottler in Europe, and currently operates 29 manufacturing facilities in the continent and in the US, which generated revenues of €2.1bn in 2016.