Suntory Acquisition of Beam Nears Completion
The proposed $16 billion acquisition of US-based spirits group Beam by Suntory Holdings of Japan is expected to be completed by the end of April 2014, following approval of the deal by Beam shareholders.
“Shareholder approval of the acquisition by Suntory is a reflection of the substantial value created for our investors over the past several years, culminating in this transaction,” says Matt Shattock, president and chief executive officer of Beam. “Indeed, at the acquisition price of $83.50 per share, total shareholder return will stand at 106% since Beam began trading as a standalone spirits company in October of 2011. We look forward to joining with the spirits business of Suntory to create the world’s number 3 premium spirits company, and to capitalize on the significant opportunities for our combined portfolio, routes to market, and innovation capabilities.”
The transaction remains subject to regulatory clearance in the European Union and customary closing conditions, and the companies expect the acquisition will most likely be completed during the week of April 28th.
