The Competition Commission has approved a merger with AG Barr, owners of Irn Bru, and soft drinks maker Britvic.
Britvic shares dropped by more than five per cent yesterday after reports from Bloomberg that investment bank Morgan Stanley had placed 8.8m shares at up to 505p in an accelerated bookbuilding. Shares closed down 1.67 per cent at 500p.
Accelerated bookbuilds are commonly used to raise capital to fund mergers and acquisitions.
The tie-up, announced last September, hit the rocks after the Office of Fair Trading referred the merger to the commission over fears it would reduce competition for certain drinks.