AUSTRALIA: PLW board backs higher Hess offer
The improved Hess offer matched the basic counter-bid tabled by UK-based group, Allied Domecq.
However, the four independent directors of PLW said they would review their recommendation if Allied Domecq improved its offer. "They recommend that PLW shareholders accept the revised Hess offer for all of their shares, subject to no higher offer emerging," PLW said in a statement.
At one stage, before Hess improved its offer, three of the independent directors, including chairman Richard England, had backed the Allied bid.
Hess not only improved its bid price to A$3.85-a-share but also dropped its condition that its offer to buy was contingent on gaining acceptances for 35% of the capital. Allied's offer price would rise to A$4.00 if it were to gain acceptances for 90% of the shares. But it has been noted that with the company's founder, Peter Lehmann, implacably opposed to the Allied bid and still controlling a 10.5% stake in the company, Allied would not achieve that threshold.
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Cautious optimism is probably the best way to describe today's press reaction to Pernod's friendly bid for Allied Domecq....
Spirits firm Allied Domecq has agreed to a takeover bid from smaller rival Pernod Ricard, subject to agreement from Allied shareholders....
Allied Domecq last night accepted Pernod Ricard's offer to buy the UK-based drinks giant....
Allied Domecq today delivered a 7% increase in first half group profits before tax to £285m. Earnings per share were up 7% to 19.2p, turnover that was flat at £1,700m....
Drinks producer and distributor Todhunter International has said that its controlling shareholder, CL Financial, is interested in acquiring some of the brands of Allied Domecq that may become availabl...
Pernod Ricard has had its rating raised....
Allied Domecq has added a new flavour to its Malibu range. The company said yesterday that it would be launching Malibu Passion Fruit in the US from April 15....
- Six key trends for alcoholic drinks in 2016
- Carlsberg's Q4 & full-year results - Preview
- Aus wine industry pays price for past failures
- What's in store for Super Bowl 50 - Focus
- Key trends for beer in 2016 - Focus
- William Grant & Sons restructures US team
- Diageo completes wine category exit in US
- Beam Suntory targets Kenya with Edrington/FIX
- Diageo's Oban Little Bay single malt Scotch - NPD
- Diageo nears wine exit with Acacia sale to Peju
- Global travel retail insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global Beer Trends 2015 : Global Beer Trends and Long-term Forecasts
- Global Whiskey Market 2016-2020
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research