Pursuits
Campari Agrees to Acquire Grand Marnier for $760 Million
- Italian spirits maker forecasts immediate earnings boost
- Bid of 8,050 euros a share is 60% premium to closing price
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Italian distiller Davide Campari-Milano SpA agreed to buy Grand Marnier Group in a deal valuing the French cognac maker at 684 million euros ($759 million), adding more high-end spirits to its portfolio.
Investors in family-owned Grand Marnier will get 8,050 euros in cash per share, plus a possible payment related to a planned sale of real estate, Campari said Tuesday. The bid is 60 percent higher than Grand Marnier’s closing price in Paris on Friday, the last day the stock traded. Campari rose as much as 1.8 percent in Milan, building on Monday’s 5 percent gain.