Davide Campari - Milano SpA made an offer to acquire 18.6% stake in Lascelles De Mercado & Co. Ltd. for $77.1 million.
Pursuant to the agreement, at the time of closing, Lascelles De Mercado will comprise the Spirits business, including Appleton Estate, Appleton Special and White, Wray & Nephew and Coruba, the related upstream supply chain, as well as its successful local consumer products distribution business. The assets which are not included are Lascelles De Mercado insurance business, Globe, its transportation assets, as well as securities in other companies. The transaction is subject to various closing conditions and is expected to be completed by fourth quarter of 2012. The deal is earnings per share accretive in first year. As of November 30, 2012, Davide Campari - Milano SpA (BIT:CPR) extended the offer to December 10, 2012.
Bank of America Merrill Lynch acted as financial advisor and Gavin Grover, John Rafferty, Michael O'Bryan, Jeffrey Washenko, Samuel Whittington and Katy Alexander of Morrison & Foerster and DunnCox acted as legal advisors for Davide Campari. Stefano Saccardi, Sarah Petrik and Catherine Noirfalisse acted as inhouse legal advisors for Campri. The conversions were made through www. Oanda.com as on October 17, 2012.