Moet Hennessy makes recommended public offer for Glenmorangie Plc
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, announces the launch of a recommended public offer through its subsidiary Moët Hennessy to the shareholders of Glenmorangie plc. Moët Hennessy comprises the Wines and Spirits activities of LVMH and includes such notable brands as Moët & Chandon, Dom Pérignon, Krug, Veuve Clicquot and Hennessy. Glenmorangie is the producer of one of the best Scottish single malt whiskies. Founded in 1893, the company distils Pure Malt whiskies Glenmorangie, Ardbeg and Glen Moray. This acquisition corresponds to Moët Hennessy’s strategy of developing super premium wine and spirits. Christophe Navarre, President of Moët Hennessy, comments: « Glenmorangie is a fine whisky, a growing brand and a strong company. It will be a fitting companion for Moët & Chandon, Hennessy and our other prestige brands. We look forward to a prosperous future together.» The launch of the offer is expected to take place in November. DETAILS OF THE PUBLIC OFFER * Glenmorangie plc is quoted on London Stock Exchange. * Transaction amount : £300 million for 100 % of the capital Offer price for an A share : 1717.6 pence Offer price for a B share : 2412.7 pence * Moët Hennessy has received irrevocable undertakings to accept the offer from 45.1 % of the A shares and 70.7 % of the B shares, representing in total 61.2% of the voting rights of Glenmorangie. Moët Hennessy reserves the possibility of lapsing the offer if less than 90 % of A shares and/or if less than 90% of B shares accept the offer.