Mallya set to wash down W&M for $1 bn
By Boby Kurian & George Smith Alexander, TNN |
Highlights
BANGALORE/ MUMBAI: Isle of Jura was among the favourite evening toasts of the late Vittal Mallya. This drink from the Whyte & Mackay portfolio figures in the bar cabinet of Conservative Party leader David Cameron-widely touted as the British prime minister in waiting.
Nearly 25 years after donning the mantle of UB Group chairman following the sudden demise of his father, Vijay Mallya looks set to swoop down on London to clinch the $1.06-billion acquisition deal for Whyte & Mackay. After seven months of negotiations and several failed deadlines, UB���s top financial honchos are seen hammering out a consensus with W&M chairman Vivian Immerman on a deal valued at ��540 million, which is higher than the initial offer that stood at around ��480-500 million.
A top UB source confirmed that a deal is in the offing any time, with final due diligence and bankers��� visit to W&M���s four distilleries likely to be completed next week. Both camps are still in talks to resolve some minor irritants, which are not exactly threatening, source added.
Nearly 25 years after donning the mantle of UB Group chairman following the sudden demise of his father, Vijay Mallya looks set to swoop down on London to clinch the $1.06-billion acquisition deal for Whyte & Mackay. After seven months of negotiations and several failed deadlines, UB���s top financial honchos are seen hammering out a consensus with W&M chairman Vivian Immerman on a deal valued at ��540 million, which is higher than the initial offer that stood at around ��480-500 million.
A top UB source confirmed that a deal is in the offing any time, with final due diligence and bankers��� visit to W&M���s four distilleries likely to be completed next week. Both camps are still in talks to resolve some minor irritants, which are not exactly threatening, source added.
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