US: Absolut’s Cruzan purchase completes
The Absolut Spirits Company has completed its acquisition of Cruzan International.
The announcement, made yesterday (22 March) by the subsidiary of V&S Group, follows the vote earlier this week by the rum and brandy distiller's shareholders in favour of the merger agreement between the two companies.
Upon the completion of the merger, each issued and outstanding share of Cruzan common stock not owned by Absolut was converted into the right to receive US$28.37 in cash.
Details of the exchange procedures, including letters of transmittal, will be sent to Cruzan stockholders in the next week by the paying agent engaged by Absolut, the company said. In connection with the completion of the merger, Cruzan has delisted its common stock from The American Stock Exchange.
Absolut acquired its controlling 63.6% of Cruzan's common stock from rum and bitter producer Angostura in September last year, pursuant to which it agreed to pay the US$28.37 in cash for each issued and outstanding share of Cruzan's common stock it did not yet own.
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