Coca-Cola European Partners (CCEP) made a non-binding offer to acquire 69.2% of issued shares of Coca-Cola Amatil (CCL), held by independent shareholders for a consideration of A$9.28bn ($6.61bn).

CCEP entered into non-binding heads of terms and cooperation letter with The Coca-Cola Company (KO).

It set out the terms under which CCEP proposes to acquire KO’s 30.8% interest in CCL.

This proposed deal is conditional upon Australian regulatory approvals and the implementation of the scheme of arrangement.

The board of directors of CCL noted that if CCEP completes the due diligence and other conditions are met, then it will unanimously recommend the scheme to independent shareholders in case a superior proposal is not offered. It is also subject to an independent expert concluding that the scheme is fair.

Under the proposal, CCL’s independent shareholders would receive A$12.75 per share in cash.

KO would get A$9.57 for each share in cash for part of their shareholding. This consists of 10.8% of CCL’s shares.

CCEP will work with KO to buy all of latter’s remaining 20% shares in CCL.

The proposed deal is subject to the completion by CCEP of confirmatory due diligence, which is underway.

It is also subject to the entry into a scheme implementation agreement between CCEP and CCL which will set out more detailed terms and conditions for the implementation of the proposed deal.

CCEP stated that there is no certainty at this stage that a binding deal will occur.

In September, CCEP Ventures acquired a stake in Innovative Tap Solutions.