Thursday, May 19, 2005
Allied Domecq/Pernod delay in mailing documentation
Pernod Ricard has delayed publication of its Allied Domecq documents by two or three days, a spokesperson confirmed.
He said it would not affect the overall timetable for the takeover, which saw Pernod’s Scheme of Arrangement to acquire the UK drinks company completing in July.
A deal insider said that settlement could occur in late July or early August.
The French drinks company is understood to have asked the UK’s Takeover Panel for special dispensation for the delay so that Allied Domecq and Pernod Ricard shareholder documents could be released together. The spokesperson denied that the delay had any connection with last week’s confirmation that Constellation Brands had submitted an indicative rival offer, thought to be priced at 700p a share.
Pernod’s Scheme document was originally due this week, 28 days after the 21 April deal announcement.
The Panel recently allowed a Scheme of Arrangement document for Terra Firma’s acquisition of East Surrey Holdings to be delayed slightly to allow time for the court dates to be finalised.
A source close to the Allied Domecq deal earlier also said the Scheme document was expected to be issued by Friday but would “be made public over the course of next week”.
Pernod Ricard is reportedly holding its EGM to approve the issue of shares to finance the transaction on 20 June. The Allied Domecq EGM should take place in late June or early July, a deal insider said.
Dates for the two court meetings - one for shareholders to approve the scheme and one for the High Court to sanction the scheme - would be disclosed in the document next week, said the deal source. When asked if the High Court sanction would take place in mid-July, the source said: “There will be no surprise.” Under the normal UK timetable, the merger could become effective the day after this, with settlement taking place over the next 14 days.
He said it would not affect the overall timetable for the takeover, which saw Pernod’s Scheme of Arrangement to acquire the UK drinks company completing in July.
A deal insider said that settlement could occur in late July or early August.
The French drinks company is understood to have asked the UK’s Takeover Panel for special dispensation for the delay so that Allied Domecq and Pernod Ricard shareholder documents could be released together. The spokesperson denied that the delay had any connection with last week’s confirmation that Constellation Brands had submitted an indicative rival offer, thought to be priced at 700p a share.
Pernod’s Scheme document was originally due this week, 28 days after the 21 April deal announcement.
The Panel recently allowed a Scheme of Arrangement document for Terra Firma’s acquisition of East Surrey Holdings to be delayed slightly to allow time for the court dates to be finalised.
A source close to the Allied Domecq deal earlier also said the Scheme document was expected to be issued by Friday but would “be made public over the course of next week”.
Pernod Ricard is reportedly holding its EGM to approve the issue of shares to finance the transaction on 20 June. The Allied Domecq EGM should take place in late June or early July, a deal insider said.
Dates for the two court meetings - one for shareholders to approve the scheme and one for the High Court to sanction the scheme - would be disclosed in the document next week, said the deal source. When asked if the High Court sanction would take place in mid-July, the source said: “There will be no surprise.” Under the normal UK timetable, the merger could become effective the day after this, with settlement taking place over the next 14 days.
