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Allied Domecq shareholders approve Pernod offerAllied Domecq shareholders approve Pernod offer
Gavin Lipsith
4-Jul-2005
Approval from Canadian monopoly authorities is now the only obstacle to the Pernod Ricard and Fortune Brands acquisition of Allied Domecq
Allied Domecq's shareholders approved Pernod Ricard's £5.45 ($9.20) per-share offer for the drinks company at a court meeting and extraordinary general meeting held earlier today (July 4). Conditional upon approval from Canadian anti-monopoly authorities the deal will be effective from July 26.Following the chairman Gerry Robinson's argument that the offer would allow shareholders to "crystallise the value" achieved as a result of recent growth, an overwhelming majority of shareholders voted to accept the scheme.
Earlier this month (RavenFox.com July 1) Pernod Ricard's shareholders and US anti-trust authorities approved the move, which as well as the cash sum also offers Allied Domecq shareholders 0.0158 new Pernod Ricard shares per Allied Domecq share.
Once the deal is complete, Pernod will acquire several of Allied's leading brands, including Ballantine's Scotch whisky, Beefeater gin and Malibu and Kahlúa liqueurs. Fortune Brands, Pernod's partner in the bid, stands to gain Sauza tequila plus Scotch whiskies Teacher's and Laphroaig. Already owner of Jim Beam bourbon, Fortune's proposed takeover of Maker's Mark has been put on hold until US authorities give their permission.
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(1-Jul-2005) - Pernod Ricard has moved a further step nearer the acquisition of Allied Domecq as shareholders approve an increase in share capital and US anti-trust authorities give clearance for the bid
(24-Jun-2005) - The French company, in partnership with Fortune Brands, now looks certain to acquire its UK rival
(1-Feb-2002) -
(15-Jul-2005) - As reported on RavenFox.com, shareholders of UK drinks company Allied Domecq have agreed to a takeover offer from Pernod Ricard and Fortune Brands
(18-Jul-2005) - The Canadian Competition Bureau approves the takeover deal tabled by Pernod Ricard and Fortune Brands, removing the final obstacle to completion