Heineken's long-awaited offer for Distell has disappointed the market, which may convince shareholders to take shares in a planned new southern Africa alcohol giant instead.
After first announcing its interest in a takeover of Distell in May, Heineken made a €2.2 billion (~R38.5 billion) offer for the group on Monday.
Dutch group Heineken is the world's second-largest brewer after Anheuser-Busch InBev. Heineken, which owns Strongbow, is the biggest cider maker in the world. Distell – with Savanna and Hunters Dry – is the second-biggest cider producer worldwide. Distell also owns brands like Nederburg, JC le Roux, Klipdrift and Amarula.