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Pernod Ricard closes $223M Castle Brands purchase

French distiller Pernod Ricard SA on Oct. 9 closed its previously announced acquisition of New York-based liquor maker Castle Brands Inc. for $1.27 per share, or approximately $223 million.

Pernod Ricard bought all of Castle Brands' outstanding common stock through a cash tender offer, which expired Oct. 8.

A total of 150,335,952 shares of Castle Brands' common stock, or about 89.52% of its outstanding shares, were validly tendered.

Pernod Ricard will purchase the remaining shares not acquired in the tender offer through a second-step merger in which holders of Castle Brands shares not tendered in the offer will receive the same per-share price paid in the tender offer, in cash.