Cruzan’s merger with the Absolut Spirits Company approved
ASCI agrees to pay $28.37 in cash for each issued and outstanding share of Cruzan's common stock not owned by ASCI.
20/03/06 Cruzan International, Inc. producer and distributor of the Cruzan line of rums from the Virgin Islands and a leading distiller of rum and brandy, and importer and marketer of premium branded spirits, announced that Cruzan's stockholders have voted to adopt the merger agreement under which The Absolut Spirits Company, Incorporated ("ASCI") will acquire Cruzan. At a Special Meeting held, shares representing approximately 95.9% of Cruzan's stock, including 88.5% of the shares not affiliated with ASCI and its affiliates, approved the merger agreement. Cruzan, ASCI and Cruzan Acquisition, Inc., a special purpose subsidiary of ASCI formed for purposes of the merger, entered into a definitive agreement on September 30, 2005, pursuant to which ASCI agreed to pay $28.37 in cash for each issued and outstanding share of Cruzan's common stock not owned by ASCI. The parties expect to complete the transaction on or about March 22, 2006.
Details of the exchange procedures, including letters of transmittal, will be sent to stockholders after closing.
Cruzan International, Inc. is a major supplier of rum, brandy and wine to the beverage alcohol industry. The Company also produces ultra-premium single-barrel aged rums and tropical rums, vinegar and other alcohol-related products.
