Soft drinks producer Britvic has rejected two takeover bids from Danish brewer Carlsberg.

The Robinsons squash owner said in a statement today that the first bid, for 1,200 pence per share, was rejected on June 6, while a subsequent offer of 1,250 pence per share was unanimously rejected by the Britvic board on June 17. The company said the offer “significantly undervalues Britvic, and its current and future prospects”.

Carlsberg said in a statement that the potential transaction would enable it to “capture appealing long-term growth opportunities from Britvic’s comprehensive portfolio of leading brands in an attractive segment of the beverage market where Carlsberg already has a strong track record”.

Carlsberg said any offer, if made, is likely to be solely in cash and is expected to be fully debt financed.

The brewer now has until July 19 to announce a firm intention to make an offer, or  announce that it does not intend to make an offer.