– Campari has reached an agreement with the family that controls Societe des Produits Marnier Lapostolle (SPML), owner of the mark Grand Marnier, to detect the 17.19% and launch a tender offer at a price of 8.05 euro per share. It said in a statement that indicates a total implied value of 684 million for capital, excluding the sale of real estate properties, and an implied enterprise value of 6.532 billion euro.
With this operation, the aim of Campari withdraw the title from the Paris stock exchange. in addition to immediate vesting of initial actions, corresponding to 17.19% in full ownership, 1.06% in bare ownership and usufruct of 1.54% SPML of capital, the agreement provides for the acquisition by 2021, through put and call options, of all the remaining shares held by the members of the controlling family shareholders, corresponding to 26.60% in full ownership and to 2.24% in bare ownership. We will then launch d`acquisto public offer for the remaining shares, in view of the total control of the company.
in the event that the tender offer result of buying lead the group Campari hold fewer of 50.01% of the shares and voting rights of SPML, the shareholders of the family who are counterparts of ozpioni put and call are committed to sell their shares before 2021.
the offer at 8,050 euro per share in cash implies a premium of 60.4% over the current share price) and to this is added an earn-out related to the potential sale of a real estate property in St. Jean Cap Ferrat (France ) of SPML properties.
Finally, simultaneously with the acquisition of the initial actions in SPML, Campari has signed an exclusive agreement with the target company for the distribution of spirits Grand Marnier worldwide portfolio.
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