12th Aug 2021 09:52
(Alliance News) - Stock Spirits Group PLC has agreed to a takeover deal worth around GBP767 million, purchasing firm CVC Funds reported on Thursday.
The London-listed spirits producer has accepted the private equity firm's offer of 377 pence per share, representing a premium of 41% on the stock's 268p closing price on Wednesday.
CVC's offer is also 42% higher than the volume-weighted average price of 266p per Stock Spirits share for the three-month period ended Wednesday.
Shares had spiked 44% to 385.00p in London following the announcement.
The takeover is expected to complete within the next three to six months, CVC stated.
Buckinghamshire, England-headquartered Stock Spirits is heavily involved in the Central and Eastern European alcoholic beverages sector, with a portfolio of established brands including Stock84 brandy and Amundsen Expedition vodka.
"The directors of Stock Spirits are confident in the long-term prospects of the Stock Spirits group and believe that the offer reflects our strong position and represents compelling value for Stock Spirits shareholders," commented Chair David Maloney.
"We believe that CVC's support for our existing strategy and the investment that it intends to make in order to grow our business means that this offer will benefit all of Stock Spirits' stakeholders."
By Will Paige; [email protected]
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