Scottish & Newcastle buys £278m Bulmers
Aside from putting 1,450 pubs up for sale, Scottish & Newcastle captured the troubled UK cidermaker Bulmers for £278m yesterday.
The deal ends an uncertain period for the Hereford-based company and brings to a close 115 years of family reign.
Fighting off competition from Interbrew, S&N paid 310p a share, which values the maker of Strongbow and Scrumpy Jack at £165m.
After including debt of £91m and the cost of buying preferential shares, the total value of the deal was £278m.
The Bulmers share price collapsed last year to 70p after a string of profit warnings and the discovery of a black hole in the accounts.
Esmond Bulmer, former chairman, has been offered a continuing role with S&N.
S&N also took 100 per cent ownership of the Portuguese brewer Central de Cervejas. It bought a 49 per cent stake for £93m in December 2000 and last week bought the remaining 51 per cent.
The two deals will add brands including Strongbow, Scrumpy Jack, Woodpecker, Sidekick and Sagres to an S&N drinks portfolio that already includes Foster's, John Smith's, Kronenbourg, Newcastle Brown and Baltika.
Related articles:
Bulmers sale is 'premature' (26 February 2003)
