Deerfield, Illinois, April 22, 2014 – Beam Inc. (NYSE: BEAM) today announced that the European Commission has given regulatory clearance to the pending acquisition of Beam by Suntory Holdings. Upon completion of the $16 billion transaction, each share of Beam common stock will convert into the right to receive $83.50 in cash (subject to applicable withholding taxes).
“Regulatory clearance from the European Commission paves the way to complete the transaction with Suntory Holdings next week,” said Matt Shattock, president and CEO of Beam. “We have been working with Suntory to help ensure a smooth integration as we create the world’s #3 premium spirits company, which will possess a dynamic portfolio across key categories, powerful global routes to market, and strong innovation capabilities. Our portfolios and operations are highly complementary, so we’ll be focused on sustaining our momentum and generating sales synergies as we bring our companies together.”
The transaction, which has been approved by Beam shareholders, remains subject to customary closing conditions. The companies now expect that the acquisition will be completed on April 30 in the United States, and as a result, Beam expects that its shares will no longer trade on the New York Stock Exchange effective at the end of trading on that day.