US: CEDC looks to up Bialystok stake, again
Central European Distribution Corporation is set to up its stake in Polish vodka company Polmos Bialystok.
The US-based company, which announced a tender offer for the remaining Bialystok shares last month, said yesterday (13 February) that its wholly-owned subsidiary, Carey Agri, has placed an order to purchase 2.54m shares in the vodka producer.
CEDC noted that the purchase, costing PLN103 (US$34.11) per share, will up its stake in Bialystok from 69% to just over 90%. The tender is set to close tomorrow.
"We are pleased with the results of this tender which allows us to move forward with the de-listing of Polmos Bialystok from the Warsaw Stock Exchange," said William Carey, CEDC's CEO. "As CEDC is already listed on the Warsaw Stock Exchange, in addition to the Nasdaq Global Select Market, we do not feel it is necessary to have our daughter company listed as well."
Late last year, CEDC managed to buy only 338,741 shares in Bialystok after looking to snap up 3.2m in a tender offer. Having offered PLN91 for each of the remaining shares, CEDC saw the take-up from minority shareholders fall well below what it had hoped.
When CEDC acquired its majority stake in Bialystok in July 2005, the company paid PLN1.1bn, equating to PLN146.5 per share.
Pernod Ricard's annual results briefing last week suggested the company has consigned the Allied Domecq deal to history. No more talk of bedding down and integration. The emphasis was firmly on the fu...
Drinks Americas Holdings has seen its losses widen in what it has described as a year of "transition"....
Heaven Hill Distilleries has lined up another flavour variant for its Burnett's vodka portfolio....
A lychee-flavoured rice vodka has been released in the US....
Central European Distribution Corporation has posted a slight rise in sales and operating income for the second quarter....
Diageo GB plans to launch an integrated marketing campaign for its Smirnoff vodka brand that aims to be the largest ever....
Central European Distribution Corporation has acquired a Polish alcoholic drinks distributor....
Whyte & Mackay has reduced its losses in its last fiscal year, according to recently-released accounts....
- Why Chinese beverages won't conquer the world
- Is “Craft” the Next Big Thing for Soft Drinks?
- Gin: Plymouth's from Plymouth, London's from...?
- Petropolis Finally Moving into SABMiller's View?
- Coca-Cola pressure builds as bid rumours swirl
- Diageo confirms Australia RTD abv drops
- Pernod launches online Ballantine's "experiment"
- Global vodka sales slip in 2013 - research
- SABMiller returns to Brazil with Petropolis tie-up
- Pernod takes Absolut Warhol push to Travel Retail
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global vodka insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- The IWSR Global Trends Report 2014