Beam Inc shareholders approve $16bn acquisition

Shareholders of Beam Inc have approved the group’s US$16 billion acquisition by Japan’s Suntory Holdings.

Beam shareholders have voted in favour of the group’s US$16 billion acquisition by Suntory

At a “special meeting” held today (25 March), Beam stockholders voted in favour of the deal, which will see brands including Maker’s Mark Bourbon and Courvoisier Cognac acquired by Japanese drinks company Suntory.

Upon completion of the transaction, each share of Beam common stock will convert into the right to receive US$83.50 in cash.

“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,” said Matt Shattock, president and CEO of Beam Inc.

“We appreciate the confidence Beam shareholders have placed in our company over the years, and we’re pleased that confidence is being rewarded.”

Shattock added that the share acquisition price marks a 106% return for shareholders since Beam began trading as a stand alone spirits company in 2011.

Japan’s Suntory agreed in January this year to buy the Illinois-based firm for US$16bn – a deal which would see it become the world’s third largest drinks company behind Diageo and Pernod Ricard.

“We look forward to joining with the spirits business of Suntory to create the world’s number three premium spirits company, and to capitalise on the significant opportunities for our combined portfolio, routes to market, and innovation capabilities,” continued Shattock.

The transaction remains subject to regulatory clearance in the European Union and customary closing conditions. It was given regulatory approval by US authorities earlier this month.

Beam expects that the acquisition will be completed during the week starting 28 April.