Butterfly Equity to buy US wine group The Duckhorn Portfolio [Yahoo! Finance]
The Duckhorn Portfolio, Inc. (NAPA)
Company Research
Source: Yahoo! Finance
Butterfly Equity, which has investments in the food and beverage sectors, said its all-cash bid values the California-based business at $1.95bn. “This announcement is excellent news for the future of our company and for stockholders of The Duckhorn Portfolio, who will receive a substantial premium,” Deirdre Mahlan, the Sonoma-Cutrer brand owner's CEO and chairperson, said. Under the terms of the deal, The Duckhorn Portfolio's shareholders will receive $11.10 per share in cash. The Decoy wine maker said that represented a “premium” of just over 65% to the volume-weighted average share price of its common stock during the 90-day trading period ending on Friday (4 October). The Duckhorn Portfolio's shareholders include Brown-Forman, which acquired just over 21% of the business when the spirits giant sold Sonoma-Cutrer to the company last November. Just Drinks has approached Brown-Forman for comment. Mahlan, who joined The Duckhorn Portfolio last year , added: “Butterfly believ
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