Coca-Cola European Partners Bid for Amatil Seen ‘Opportunistic’

Coca-Cola European Partners Plc’s decision to buy Australian bottler Coca-Cola Amatil Ltd. doesn’t offer much of a takeover premium and is somewhat opportunistic given the impact of the coronavirus, according to analysts.

Amatil surged 16% on Monday, the biggest one-day gain since April 1991, after its independent directors said they would recommend the A$12.75-per-share cash offer in the absence of a higher proposal. Coca-Cola European will acquire shares from Coca-Cola Co. for less than it will pay other holders, according to a statement.

The deal will see Coca-Cola European double its potential market, giving it access to almost 300 ...