Stockholders of Deerfield-based spirits company Beam Inc. formally approved the $16 billion acquisition by Japan's Suntory Holdings.
Each share of Beam common stock will convert into the right to receive $83.50 in cash, subject to applicable withholding taxes, the company said in a release Tuesday. Matt Shattock, president and chief executive officer of Beam, estimated shareholder return will be 106 percent since Beam split from Fortune Brands in 2011.
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"Shareholder approval of the acquisition by Suntory is a reflection of the substantial value created for our investors over the past several years, culminating in this transaction," said Shattock,
The companies announced the acquisition last January. Suntory, whose portfolio of spirits includes Yamazaki and Hakushu whiskeys as well as Midori liqueur and other beverages, will add well-known U.S. brands such as Jim Beam and Maker's Mark bourbons with the acquisition. Suntory already distributes Beam's products in Japan.
"We look forward to joining with the spirits business of Suntory to create the world's number three premium spirits company," Shattuck said.
Pending regulatory clearance in the European Union and closing conditions, the acquisition is expected to be completed during the week of April 28.