Campari progresses Marnier acquisition

28th June, 2016 by Kristiane Sherry

Davide Campari-Milano now holds more than 69% of the share capital of Grand Marnier’s parent company following the conclusion of a tender offer.

Gran-Marnier

Davide Campari-Milano now holds more than 69% of the share capital of Grand Marnier’s parent company

Launched by Davide Campari-Milano – which owns brands including Campari and Aperol – the friendly tender offer is the next stage in an agreement to take over Société des Produits Marnier Lapostolle (SPML), first announced in March.

The offer opened on opened on 18 May and concluded on 21 June, with 43,125 shares tendered, the equivalent of 50.74 % of the SPML share capital and valued at €347 million.

As a result of the offer, David Campari-Milano now holds 69.76% of SPML share capital, 54.51% of the voting rights in an ordinary general meeting (OGM), and 53.55% of the voting rights in an extraordinary general meeting (EGM).

When shares held by members of the Marnier Lapostolle family are taken into account, David Campari-Milano controls 97.83% of share capital, plus 95.81% of OGM and 98.32% of EGM voting rights.

The price due to those who tendered their shares of the offer is equal to €8,050, plus any potential price settlement.

Campari, which expects to fully acquire SPML from the controlling family by 2021, will also be appointed the exclusive global distributor of the Grand Marnier spirits portfolio upon completion of the initial deal.

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