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Major Beam Inc shareholder reduces stake
A major shareholder in Beam Inc has reduced its stake in the company following the announcement that it is to be acquired by Suntory Holdings.
Beam Inc largest shareholder has reduced its stake, selling 7.3 million shares
According to The Wall Street Journal, investor William Ackman’s Pershing Square dropped its 13% stake to 8.3%, selling 7.3 million shares.
The move follows the recent announcement that US company Beam Inc, producer of Jim Beam Bourbon and Courvoisier Cognac, will be acquired by Japan’s Suntory Holdings in a US$16 takeover deal.
The Journal reported that after the deal was announced, William A. Ackman, a US hedge fund manager, possessed shares in Beam amounting to US$1.7 billion.
Ackman’s Pershing Square was reportedly the largest shareholder in Beam prior to its shares reduction.
Earlier this month, The Spirits Business reported that Beam shareholders had begun legal proceedings against the company in an attempt to stall Suntory’s takeover.
Some shareholder’s claimed the deal was “unfair” and shortchanges investors, an allegation Beam branded “baseless” and “without merit”.