Berentzen backs Sazerac's offer of 5.55 euros a share
Sazerac plans a voluntary cash offer of 5.55 euros per Berentzen share, backed by the German drinks producer's management and supervisory boards. The price is 68 per cent above the unaffected three-month Xetra volume-weighted average before 16 September. Completion is expected in the fourth quarter of 2026, subject to a 50 per cent plus one share threshold, after which Sazerac plans to seek a delisting.
Economics & Markets··Midday
A supported cash offer
US spirits producer Sazerac and German drinks maker Berentzen-Gruppe signed a business combination agreement on 21 September. Sazerac plans a voluntary cash offer of 5.55 euros for each Berentzen share. Berentzen's management and supervisory boards support the proposed combination. Tagesschau independently reports the same offer and support, and values the proposed purchase at 53.3 million euros. The agreement gives the bid a board-backed route while leaving completion subject to shareholder acceptance.[1], [2]
The premium and acceptance line
The price of 5.55 euros stands about 68 per cent above Berentzen's unaffected three-month volume-weighted Xetra average before 16 September. The offer requires acceptance for at least 50 per cent plus one share. Berentzen says Sazerac does not plan a domination or profit-and-loss transfer agreement, a structure that would give the buyer broader control over the listed company. The bidder has instead stated its intention to seek a delisting after a successful offer.[1]
Shares move as the timetable takes shape
The transaction is expected to complete in the fourth quarter of 2026 if the acceptance condition and other offer terms are met. Berentzen says its brands, sites and employees form part of the planned European spirits platform. After the announcement, Berentzen shares opened 22 per cent higher at 5.56 euros in Frankfurt, according to Tagesschau. That price was one cent above the bid, while the formal offer and the planned delisting still remained ahead.[1], [2]
