- Beam Inc. shareholders formally approved the company’s pending acquisition by Japan's Suntory Holdings on Tuesday, Beam said.
- Suntory offered $16 billion for Beam, the maker of drinks including Jim Beam bourbon, in January.
- Beam shareholders are set to get $83.50 per share once the takeover is completed. The deal is expected to close during the week of April 28, and is still subject to regulatory clearance in the European Union and customary closing conditions, Beam said.
As predicted here, the offer Japanese company Suntory Holdings made to Beam in January was accepted this week. Beam, which distributes Suntory's products in Asian markets like Singapore, will now join Suntory's expansive spirits offerings, which includes Yamazaki and Hakushu whiskies and Midori liqueur. The annual sales for the spirits of both companies can top $4.3 billion.