ITALY/JAMAICA: Gruppo Campari completes Lascelles deMercado deal
Campari has had its offer accepted by the majority of LdM shareholders
Gruppo Campari has completed its US$409m tender offer to take control of Appleton Estate and Wray & Nephew owner Lascelles deMercado & Co (LdM).
Holders of around 98.6% of the ordinary shares and 99.5% of the preferred shares in LdM have accepted the Italian group's offer, it said today (11 December). Campari will now extend its right under Jamaican law to acquire the remaining shares from stock holders who have not accpted the offer, the company said.
It will then delist shares in LdM from the Jamaican Stock Exchange.
The deal was initiated in September when Campari agreed to buy 81.4% of LdM from CL Financial. The original deadline of 30 November for the tender offer was missed, but extended until yesterday.
An analyst previously described the move as following the “classic” Campari acqusition model of buying “under-managed, ‘dusty’ brands in niche categories and without overpaying”.
Last month, Campari was floated as a potential buyer for Whyte & Mackay if the Scotch whisky business is sold off by owners United Spirts to satisfy regulators over its deal with Diageo.
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