WEST INDIES RUM DISTILLERY Limited (WIRD) shareholders have accepted the offer from the French-owned subsidiary United Caribbean Rum Limited (UCRL), to purchase all the outstanding shares in the local rum company.
West Indies Rum Distillery Limited is the manufacturer of the popular Cockspur Rum brands and was operated for decades by the Goddard Enterprises group.
According to a statement issued yesterday by UCRL, it offered to purchase in cash all 2.63 million WIRD shares for $10.22 per share. As a result, WIRD shareholders can expect a multi-million dollar windfall from their investment in the rum manufacturer.
UCRL is expected to shell out over $26.39 million for the stock purchase.
“If the tender and acceptance of all shares is, as expected, confirmed by the Barbados Stock Exchange as valid, UCRL will own 96.34 per cent of WIRD. The remaining shares of WIRD not tendered to UCRL are primarily held by 67shareholders,” the statement outlined. (GE)