News Alert: Pernod To Acquire Castle Brands In $223 Million DealAugust 29, 2019
Pernod Ricard has announced that it will acquire Castle Brands in a deal worth $223 million. The transaction will see Pernod buy all of the outstanding common stock of Castle Brands for $1.27 per share in cash. The price represents a 92% premium to Castle Brands share price.
“Through this acquisition we welcome this great brand portfolio, in particular, Jefferson’s Bourbon whiskey,” said Pernod chairman and CEO Alex Ricard. “This deal aligns well with our consumer-centric strategy to offer our consumers the broadest line-up of high-quality premium brands. As with our American whiskies Smooth Ambler, Rabbit Hole and TX, we would provide Jefferson’s a strong route to market and secure its long-term development.” Castle Brands’ other labels include Goslings rum and Knappogue and Clontarf Irish whiskies, as well as Boru vodka and The Arran single malt Scotch.
The agreement, unanimously approved by Castle Brands’ board, provides for a cash tender offer to acquire all outstanding shares of Castle Brands to be launched shortly. The deal is expected to close in the fourth quarter.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.