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IRELAND: C&C sets share price for float

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The Irish drinks and snacks group Cantrell & Cochrane (C&C) today announced the price range for its public offering on the Dublin and London stock exchanges at €2.60 to €3.60 euros per share.
 
The price range values the company, which handles brands such as Bulmers cider and Ballygowan water, at €1.1m at its mid point - at the lower end of analysts' forecasts of 1.15-1.4 billion euros.

C&C is offering 161,290,323 ordinary shares, representing a value of €500 million at the mid-point of the indicative price range, to be issued by C&C Group plc to institutional and retail investors, with an over-allotment option of up to 15 per cent.

Net proceeds to the Company will be approximately €267m.  C&C Group plc intends to use the net proceeds to reduce debt.

The closing date for applications under the public offer is July 8, and the last date for bids under the institutional offer is July 9.

Goldman Sachs International and Schroder Salomon Smith Barney are acting as joint global co-ordinators, joint international bookrunners and sponsors of the global offer.  IBI corporate finance and davy stockbrokers are acting as joint lead managers of the global offer.

C&C Group is one of the largest manufacturers, marketers, distributors and wholesalers of branded beverages in Ireland and Northern Ireland. Among its products are Bulmers cider, Ballygowan water. It also manufactures and distributes alcoholic beverages in Italy and exports spirits and liqueurs to a wide range of overseas markets.
 
C&C Group was formerly known as Cantrell & Cochrane and was established in 1968 when Allied Breweries and Guinness Ireland merged their Irish soft drink and cider interests. 

Subsequently, Allied Domecq acquired full ownership of Cantrell & Cochrane in July 1998 when it purchased Guinness Ireland's interest.  Funds advised by BC Partners, their co-investors and management acquired the Group from Allied Domecq in a leveraged buy-out in January 1999.


Companies: Allied Domecq

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