Coca Cola Amatil (ASX:CCL) has received a non-binding indicative proposal from Coca Cola European Partners (CCEP) of $12.75 cash per share for the acquisition of all of the issued shares held by independent shareholders of Amatil pursuant to a scheme of arrangement.
The Proposal contemplates CCEP entering into a separate agreement to acquire The Coca-Cola Company shares in Amatil.
The company has agreed to allow the bidder to carry out confirmatory due diligence.
Coca-Cola Amatil said directors intended to unanimously recommend the proposed scheme, subject to due diligence and conditions.
Shares in Coca Cola Amatil (ASX:CCL) are trading 14.7 per cent higher at $12.33