Panel Clears Way for Pernod Offer

Pernod Ricard SA on Thursday apparently won a months-long takeover battle for Irish Distillers Group PLC, Ireland’s biggest whiskey maker, when Britain’s Panel on Takeovers and Mergers said the bidder had not breached any takeover rules.

That means that Pernod’s offer of 285 million Irish punts, or 450 Irish pence a share, apparently prevails over Grand Metropolitan PLC’s higher offer of 322 million punts, or 525 Irish pence a share.

Pernod’s bid is the equivalent of $442 million.

Irish Distillers shares fell 46 British pence to 378 pence on London’s Stock Exchange after the announcement.

Pernod “is obviously pleased that the ruling has gone its way and looks forward to completing the offer,” said a Pernod spokesman in London, adding that the French liquor company holds more than 53% of Irish Distillers’ shares.

The spokesman, who was not identified in accordance with British practice, said he was confident that Pernod would obtain clearance from the Irish Ministry of Industry and Commerce, which is investigating the offer on competitive, public interest, regional employment and other grounds.

The British takeover panel was ruling on whether Pernod improperly obtained binding agreements from some Irish Distillers’ shareholders.