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Coca-Cola European Partners (CEEP) has gained clearance from the Foreign Investment Review Board (FIRB) in its proposed $9 billion acquisition of Coca-Cola Amatil but faces pressure from hedge funds to raise its $12.75 a share offer.
According to four Amatil shareholders, Martin Currie Australia, Setanta Asset Management, Antares Capital, and Pendal, the price undervalued the business and the offer was opportunistic.
Amatil shares have been trading above the $12.75 a share offer since December, reaching $13.20 last week.
The four fund managers previously accounted for 9 to 10 percent of Amatil’s shares, or 13 to 14 percent of the shares not belonging to The Coca-Cola Co, which cannot vote on the arrangement.
Sources said that all four fund managers have reduced their Amatil shareholdings, selling close to or above the offer price. Martin Currie and Antares reportedly have exited completely.
The FIRB's approval was a major hurdle for CCEP, Europe’s biggest Coca-Cola bottler.
The takeover of Amatil by CCEP is still subject to several other conditions, including New Zealand Overseas Investment Office's approval and a conclusion by an independent expert that the deal is fair and reasonable and in the shareholders' best interests.
Shareholders of Coca-Cola Amatil are also expected to vote on the takeover deal in April.
