Britvic's long-awaited merger deal with Irn-Bru firm AG Barr remained on ice today after the pair requested more time to complete their discussions.
Announcing a new Takeover Panel deadline of November 28, the pair said substantial progress has been made in their bid to create one of the leading soft drinks companies in Europe.
It is the second time the firms have asked the Panel for a new deadline, having outlined the terms of the £1.4 billion merger in early September.
AG Barr, which dates back to 1875 and also makes Tizer and Rubicon, approached its Essex-based rival about creating a business with brands including Tango and other Britvic products such as Robinsons, J2O and Fruit Shoot.
Britvic shareholders will own 63% of the new company, with AG Barr chief executive Roger White stepping across to run the combined group.
The latest Takeover Panel deadline for the companies to announce a deal or walk away was due to pass at 5pm tonight.
The pair said: "Substantial progress has been made and the two parties are now at an advanced stage of discussions, which are ongoing."
"Consequently, at the request of the boards of Britvic and AG Barr, the Takeover Panel has consented to an extension of this deadline until 5pm on November 28."
Canaccord Genuity analyst Wayne Brown said: "Whilst we retain our view that the merger is of significant benefits to both parties, this second extension will stoke fears that the merger is more complicated than most had initially anticipated."
"This should come as no real surprise considering the underlying financial challenges that Britvic faces set against the conservative and pragmatic nature of the AG Barr board."
