PERNOD RICARD COMPLETES ACQUISTION OF CASTLE BRANDS
Paris and New York ' Pernod Ricard (Euronext ticker RI; ISIN Code: FR0000120693) and Castle Brands Inc. (NYSE American: ROX) announced today the successful completion of the acquisition of Castle Brands by a subsidiary of Pernod Ricard S.A., through a cash tender offer followed by a short-form merger.
On this occasion Alexandre Ricard, Chairman & Chief Executive Officer of Pernod Ricard, stated: 'We're thrilled about the closing of the Castle Brands acquisition and the opportunity it offers us in the world's largest spirits market, the US, a priority market for the Group.'
As previously announced, Pernod Ricard, through one of its subsidiaries, offered to acquire all of the outstanding common stock of Castle Brands for $1.27 per share in cash, net of applicable withholding taxes and without interest. The tender offer expired at Midnight, New York time, on October 8, 2019. A total of 150,335,952 shares of common stock of Castle Brands, representing approximately 89.52% of the outstanding Castle Brands shares, were validly tendered into (and not validly withdrawn from) the tender offer. As of such expiration, all conditions to the tender offer have been satisfied. As a result, all such Castle Brands shares have been irrevocably accepted by Pernod Ricard's subsidiary for payment, which will be made on October 9, 2019.
Concurrently with the payment for the tendered shares, on October 9, 2019 the offeror merged with and into Castle Brands via a short-form merger. As a result of the tender offer and the merger, Castle Brands became an indirect wholly owned subsidiary of Pernod Ricard and Castle Brands' common stock will cease trading on the NYSE American.
At the effective time of the merger, Castle Brands common stock held by the remaining Castle Brands shareholders who did not tender their shares in the tender offer (other than those who properly exercise appraisal rights) were cancelled and converted into the right to receive the same $1.27 per share price, net of applicable withholding taxes and without interest, that was paid in the tender offer. Castle Brands shareholders who did not tender their shares in the tender offer will receive relevant information in the mail on how to receive payment for their shares in connection with the merger.
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