Jamaica Gleaner
Published: Wednesday | December 12, 2012
Home : Business
Campari gets 99% offer for Lascelles shares
An aerial view of Appleton Estate, home of J. Wray & Nephew's distillery. - Conributed
The Italy-based producer of alcoholic and non-alcoholic beverages, Davide Campari-Milano Group, on Monday described as successful the 99 per cent acceptance of its tender offer for all issued and outstanding ordinary and preferred shares of Lascelles deMercado and Company.

The offer expired on Monday and Campari received more than 94.6 million ordinary shares of Lascelles deMercado, or approximately 98.6 per cent of the issued ordinary shares.

It also received 59,727 preferred shares of Lascelles deMercado, or about 99.5 per cent of the issued preferred shares, Campari said in a release.

Campari said it intends to exercise its right pursuant to a statutory process under Jamaica law to acquire all the remaining shares, including from those shareholders who have not accepted the offer.

"The total value of the shares acquired through the offer is approximately US$409 million," said Campari, which had offered US$414.7 million for the entire 100 per cent shareholding at J$4.32 per ordinary share.

The acceptance will result in the delisting of Lascelles deMercado's shares from the Jamaica Stock Exchange.

The tender offer was made following a November 8 offer circular in accordance with the Jamaica Takeovers and Mergers Rules and Regulations. Campari first announced this transaction on September 3.

The deal transfers one of Jamaica's oldest company, J. Wray & Nephew Limited, to European ownership. It also gives Campari ownership of the iconic Appleton rum brand and assets.

Lascelles deMercado was sold by its Jamaican owners to CL Financial Group of Trinidad in 2008. The company fell into the hands of the Trinidad & Tobago government in 2009 when the state mounted a rescue of CL Financial and its insurance group CLICO.

steven.jackson@gleanerjm.com

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