Grand Marnier Shares Surge Past Campari’s Offer PriceMarch 18, 2016
Following the news that Campari has secured a €684 million ($773m) deal to acquire Grand Marnier, shares of parent company Societé des Produits Marnier Lapostolle have surged more than 60% to eclipse the €8,050 ($9,097) per-share price of Campari’s tender offer, which was filed on March 16. With Grand Marnier’s share price now around €8,353 ($9,426), the group’s market capitalization has risen to roughly €710 million ($802m)—nearly 4% above Campari’s bid price.
Some observers have suggested that shareholders may be inclined to see if Campari will raise its offer. However, Grand Marnier’s controlling family—which initially sold about a 20% interest in the company to Campari—has pledged to relinquish the rest of its shares to give Campari control if the tender offer doesn’t result in Campari gaining a 50.01% stake or higher.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.