Pernod Ricard to Buy Castle Brands in $223 Million Cash Deal
29 August 2019 - 8:58AM
Dow Jones News
By Maria Armental
Pernod Ricard SA, the owner of Chivas Regal whisky and Absolut
vodka, has reached a $223 million deal to buy Castle Brands
Inc.
"Bourbon is a key category in the U.S., which is our single most
important market," Pernod Ricard Chief Executive Alexandre Ricard
said in a statement, singling out Castle Brands' Jefferson's
bourbon whiskey.
"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, while remaining true to its
authentic and innovative character," Mr. Richard said.
Under the terms of the agreement, Pernod Ricard would buy New
York-based Castle Brands through a subsidiary. Castle Brands
shareholders would receive $1.27 in cash for each outstanding
share. Castle Brands stock closed Thursday at 67 cents and traded
at $1.18 in after-hours trading.
The deal is expected to close in the fourth quarter.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 28, 2019 18:43 ET (22:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Pernod Ricard (EU:RI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pernod Ricard (EU:RI)
Historical Stock Chart
From Jul 2023 to Jul 2024
