Economic news

Wine maker Duckhorn to be acquired by Butterfly Equity in $1.95 billion deal

2024.10.07 08:42

(Reuters) -Premier luxury wine maker Duckhorn Portfolio said on Monday it would be taken private by Butterfly Equity in an all-cash deal worth $1.95 billion.

Private equity firm Butterfly will pay Duckhorn stockholders $11.10 per share, representing a premium of about 106% to the wine maker’s last close on Friday.

Shares of Duckhorn were trading at $10.92 in premarket trading.

The transaction, which was unanimously approved by the Duckhorn board, is expected to close this winter and subject to regulatory approval.

Duckhorn’s board will have the right to terminate the agreement and enter into a better proposal from third parties during the 45-day “go-shop” period, expiring on Nov. 20, the company said.

The St. Helena, California-based company, was established in 1976 and has a curated portfolio of premium brands, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer and Kosta Browne.

© Reuters. A waiter serves a glass of red wine in this illustration.  REUTERS/Victor Fraile/File Photo

The company’s fourth-quarter sales grew 7.3% from a year earlier but its gross profit margin declined 740 basis points to 47.8%.

J.P. Morgan Securities and KKR Capital Markets are acting as financial advisors to Duckhorn and Butterfly, respectively.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,702.45 4.51%
ethereum
Ethereum (ETH) $ 3,489.40 2.68%
tether
Tether (USDT) $ 0.999911 0.08%
xrp
XRP (XRP) $ 2.31 3.06%
bnb
BNB (BNB) $ 697.29 1.10%
solana
Solana (SOL) $ 196.84 4.12%
dogecoin
Dogecoin (DOGE) $ 0.336106 4.17%
usd-coin
USDC (USDC) $ 1.00 0.07%
staked-ether
Lido Staked Ether (STETH) $ 3,485.96 2.69%
cardano
Cardano (ADA) $ 0.933269 1.31%
tron
TRON (TRX) $ 0.25615 1.66%
avalanche-2
Avalanche (AVAX) $ 41.05 5.47%
chainlink
Chainlink (LINK) $ 25.32 3.70%
the-open-network
Toncoin (TON) $ 5.81 4.07%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,148.32 2.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 5.26%
sui
Sui (SUI) $ 4.59 2.18%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,478.39 4.55%
hedera-hashgraph
Hedera (HBAR) $ 0.329152 12.58%
stellar
Stellar (XLM) $ 0.400501 8.72%
polkadot
Polkadot (DOT) $ 7.55 2.97%
hyperliquid
Hyperliquid (HYPE) $ 29.97 5.36%
weth
WETH (WETH) $ 3,489.37 2.66%
bitcoin-cash
Bitcoin Cash (BCH) $ 469.69 2.63%
leo-token
LEO Token (LEO) $ 9.50 1.76%
uniswap
Uniswap (UNI) $ 14.51 2.42%
litecoin
Litecoin (LTC) $ 108.04 1.67%
pepe
Pepe (PEPE) $ 0.000019 4.82%
bitget-token
Bitget Token (BGB) $ 4.98 17.85%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,685.91 2.60%
near
NEAR Protocol (NEAR) $ 5.55 2.02%
ethena-usde
Ethena USDe (USDE) $ 0.999704 0.12%
aave
Aave (AAVE) $ 373.81 3.09%
aptos
Aptos (APT) $ 9.78 2.26%
internet-computer
Internet Computer (ICP) $ 11.30 5.15%
usds
USDS (USDS) $ 1.00 0.12%
crypto-com-chain
Cronos (CRO) $ 0.163268 1.12%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.526642 5.56%
vechain
VeChain (VET) $ 0.052844 9.21%
ethereum-classic
Ethereum Classic (ETC) $ 27.88 1.78%
mantle
Mantle (MNT) $ 1.24 3.32%
render-token
Render (RENDER) $ 7.80 2.51%
bittensor
Bittensor (TAO) $ 501.47 4.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 1.94%
mantra-dao
MANTRA (OM) $ 3.81 1.14%
whitebit
WhiteBIT Coin (WBT) $ 24.94 2.34%
monero
Monero (XMR) $ 189.65 0.08%
arbitrum
Arbitrum (ARB) $ 0.816142 2.67%
dai
Dai (DAI) $ 1.00 0.02%
filecoin
Filecoin (FIL) $ 5.45 5.34%