The US$16bn deal is now expected to complete in April

The US$16bn deal is now expected to complete in April

Beam Inc will hold a “special” meeting of its shareholders next month for a vote on Suntory’s planned takeover of the US-based sprits group, but the US$16bn deal is expected to be finalised by April. 

In an announcement late on Wednesday (19 February), Beam said the March 25 meeting will allow stockholders to “consider and vote” on the proposed transaction. The Illinois-headquartered group is facing legal action from shareholders over the deal, first announced last month, involving allegations of misconduct in its handling of the process. 

Beam denies all the claims.  

Matt Shattock, Beam’s president & CEO said on Wednesday: “We continue to make progress towards completion of the transaction with Suntory Holdings and we are working to ensure a smooth integration to create the world’s number three premium spirits company.” 

The statement said Suntory and Beam expect the deal to close in April, subject to shareholder approval and “regulatory clearance in the United States and the European Union”. 

To read just-drinks' full coverage of the proposed deal, click here