Scottish & Newcastle is reportedly under pressure to accept a lower bid for the company from rival brewers Carlsberg and Heineken.

S&N has already rejected a 750p a share offer from Carlsberg and Heineken, but S&N shareholders believe that because of uncertain financial markets and a fall in beer consumption, expectations should be lowered, the Financial Times reported.

“Something in the 780p-800p range would probably be enough to get majority control,” one big investor told the paper. “I would have said £8 a few months ago but given the movement in the markets since, and evidence of poorer trading in the UK, I suspect a slightly lower bid would carry the day.”