Weather Alert

Severe Storms Possible

Thunderstorms will move through this evening, with the potential for a few severe storms. Gusty winds, small hail and heavy rain will be the primary threats. Residents east of I-65 have the highest chance of severe storms tonight.

WEATHER ALERT

WZTV - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Makers of Jim Beam Sold to Japanese Firm

Stream Fox 17 newscasts LIVE starting with Fox 17 This Morning at 5 am and News at 9 pm.


(AP)--Beam, the maker of Jim Beam and Marker's Mark alcohol brands, has agreed to be acquired by Japan's Suntory Holdings Ltd. for approximately $13.62 billion. Shares of the spirits maker jumped in Monday premarket trading.


Suntory has a portfolio of spirits, with whiskies including Yamazaki and Hakushu as well as Midori liqueur and other beverages. It already distributes Beam's products in Japan. Beam distributes Suntory's products in Singapore and other Asian markets.


Suntory President and Chairman Nobutada Saji said in a statement that the acquisition will help Suntory further its global growth.


The combined company is expected to have annual sales of spirits products of more than $4.3 billion.


Beam President and CEO Matt Shattock and the Deerfield, Ill., company's current management will continue to run the business.


Suntory will pay $83.50 per share, a 25 percent premium to Beam's Friday closing price of $66.97. The companies put the deal's value at about $16 billion, including debt.


Suntory plans to fund the deal with available cash and fully committed financing from The Bank of Tokyo-Mitsubishi UFJ.


Both companies' boards unanimously approved the transaction, which is targeted to close in the second quarter.


The deal needs approval from Beam Inc. stockholders.


Beam's stock gained $16.41, or 24.5 percent, to $83.38 in premarket trading about two hours before the market open.
Follow us on Twitter @wztv_fox17 and LIKE us on Facebook for updates.