Suntorys takeover of Beam Inc should go through at the end of next month

Suntory's takeover of Beam Inc should go through at the end of next month

The shareholders of Beam Inc have voted in favour of Suntory Holdings' proposed takeover offer, with the purchase set to complete by the end of April.

The US spirits company, whose board recommended Suntory's US$16bn bid back in January, held a special meeting of shareholders earlier today (25 March). The vote in support of the transaction means that Suntory should complete the move during the week of 28 April.

“We appreciate the confidence Beam shareholders have placed in our company over the years, and we’re pleased that confidence is being rewarded,” said Beam president and CEO Matt Shattock. “At the acquisition price of $83.50 per share, total shareholder return will stand at 106% since Beam began trading as a standalone spirits company in October, 2011.

“We look forward to joining with the spirits business of Suntory to create the world’s number three premium spirits company.”

While the purchase has already received the green light in the US, the companies are still waiting on regulatory clearance in the European Union.