At a special meeting recently, stockholders of Beam Inc. (NYSE: BEAM) formally approved the pending $16 billion acquisition of Beam by Suntory Holdings. Upon completion of the transaction, each share of Beam common stock will convert into the right to receive $83.50 in cash (subject to applicable withholding taxes).
"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 Matt Shattock, president and chief executive officer of Beam Inc. "We appreciate the confidence Beam shareholders have placed in our company over the years, and we're pleased that confidence is being rewarded. Indeed, at the acquisition price of $83.50 per share, total shareholder return will stand at 106% since Beam began trading as a standalone spirits company in October of 2011. We look forward to joining with the spirits business of Suntory to create the world's #3 premium spirits company, and to capitalize on the significant opportunities for our combined portfolio, routes to market, and innovation capabilities."
The transaction remains subject to regulatory clearance in the European Union and customary closing conditions, and the companies expect the acquisition will most likely be completed during the week of April 28th.