Bacardi nears completion of 42 Below takeover bid

Liquor giant Bacardi has completed the acquisition of 70 per cent of 42 Below shares in its $139 million takeover bid for the New Zealand vodka company.

Bacardi is offering 77c for each 42 Below share, compared to a calculation by independent advisers Grant Samuel and Associates of 42 Below's underlying value of 59c to 74c a share.

The offer is 35 per cent above 42 Below's closing share price of 57c on the day before the announcement of the proposed takeover.

Bacardi's offer was mailed to 42 Below shareholders on November 3. At that stage Bacardi already had lock-in agreements, committing to accept the offer, with shareholders holding 52 per cent of the 42 Below shares.

Bacardi's offer is conditional on it gaining a 90 per cent shareholding.

- NZPA