Stillhouse Sues Bacardi, Says Takeover Offer is Too Low

In a press release posted on Twitter, Brad Beckerman, ceo of Stillhouse Spirits, said he was suing Bacardi for $100 million, alleging Bacardi, an investor in Stillhouse, “is trying to coerce a buy out at substantially below market value.

“Bacardi convinced Beckerman to provide it inside access and control of Stillhouse through a series of false representations and promises of support.  Bacardi represented it would in the future bring Stillhouse ‘in house’ by buying all the equity of Stillhouse, including Beckerman ‘s, at a fair market price.”

How, Beckerman complains, Bacardi won’t provide additional funding unless all the shareholders accept a “take it or leave it offer . . . to sell their interests in Stillhouse at substantially below market value – and if not, funding ends, despite the company’s success.”

In 2018, Stillhouse says, it shipped nearly 50,000 cases and is on pace to ship more than 70,000 this year.  The lawsuit says Bacardi has admitted the company is worth more than $100 million.

Bacardi didn’t immediately respond to our request for comment.

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