This is for US$83.50 per share in cash or total consideration of approximately US$16bn, including the assumption of Beam’s outstanding net debt.
The transaction consideration represents a 25% premium to Beam’s closing price of $66.97 on 10 January 2014; a 24% premium to the volume-weighted average share price over the last three months; and a multiple of more than 20 times Beam’s Ebitda for the 12-month period ended 30 September 2013.
The transaction, which has been unanimously approved by each company’s board of directors, is expected to close in the second quarter of 2014, subject to Beam stockholders’ approval, regulatory approvals and other customary closing conditions.
Beam’s president and CEO, Matt Shattock, and the current Beam management team will continue to lead the business, which will be managed from Beam’s headquarters outside Chicago, Illinois.
Source: Beam
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