Beam Inc. shareholders approved Tuesday the $16 billion sale of the parent of Jim Beam and Maker's Mark Kentucky bourbons to Suntory Holdings of Japan.
"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," Matt Shattock, president and CEO of Deerfield, Ill.-based Beam Inc., said in a news release. "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 percent 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 No. 3 premium spirits company, and to capitalize on the significant opportunities for our combined portfolio, routes to market, and innovation capabilities."
European Union regulators must approve the transaction, but U.S. regulators have signed off. Despite litigation over the sale, it is expected to close the week of April 28, according to the companies.