文/Allegra Catelli 由于计划将自己出售给Southern Comfort制造商Sazerac Co.，Berentzen-Gruppe AG正面临投资者反叛。
AG is facing an investor revolt over plans to sell itself to Southern Comfort-maker Sazerac Co.
据发言人透露，瑞士养老基金Aevum作为这家德国果酒蒸馏商的第三大股东，不会接受Sazerac每股5.55欧元（6.29美元）的出价，因为该价格低估了公司价值。
Swiss pension fund Aevum, the third-largest shareholder in the German schnapps distiller, won’t accept Sazerac’s offer price of €5.55 ($6.29) per share as it undervalues the company, according to a spokesperson.
该发言人补充道，这家通常不公开评论收购事项的瑞士基金，正考虑增持其在Berentzen的10%股份。Sazerac的出价较彭博社上月披露交易消息前的股价溢价约70%。
The Swiss fund, which typically doesn’t comment publicly about takeover issues, is considering increasing its 10% stake in Berentzen, the spokesperson added. The Sazerac bid reflects a premium of about 70% to the price before Bloomberg broke news of the deal last month.
Sazerac女发言人重申，公司认为其出价“非常有吸引力”。她补充称，Berentzen将获得一位长期的家族所有者，后者意图为其扩张提供资金，并将其打造为Sazerac欧洲业务的平台。Berentzen代表未立即回复通过电子邮件发出的置评请求。
A Sazerac spokeswoman reiterated that the company sees its offer as “very attractive.”Berentzen would gain a long-term family owner intending to fund its expansion and make it the platform for Sazerac’s European business, she added. Representatives for Berentzen didn’t immediately respond to an emailed request for comment.
总部位于德国与荷兰西部边境附近的Berentzen，其历史可追溯至1758年。其品牌包括Berentzen Apfelkorn、Puschkin伏特加、Hansen朗姆酒和谷物蒸馏酒Doornkaat。该公司还生产非酒精饮料。
Based near Germany’s western border with the Netherlands, Berentzen traces its roots to 1758. Its brands include Berentzen Apfelkorn, Puschkin Vodka, Hansen Rum and grain-based liquor Doornkaat. The company also produces non-alcoholic beverages.
据Montega AG分析师称，出价低于Berentzen每股7欧元的基本合理价值，但仍代表“一个有吸引力的溢价”，且他们预计交易将完成。该交易设定最低接受门槛为50%加一股。
According to Montega AG analysts, the offer price is below Berentzen’s fundamental fair value of €7, though it still represents “an attractive premium” and they expect the transaction to go through. It’s subject to a minimum acceptance threshold of 50% plus one“We do not expect any short-term price potential beyond the offer price,” the analysts wrote in a note.
“我们不预期出价之上有任何短期上涨潜力，”分析师在报告中写道。他们指出Berentzen管理层和监事会的支持，并表示超过半数投资者可能会接受。他们还将Berentzen评级从“买入”下调至“持有”，并设定目标价为5.55欧元。
They pointed to the support of Berentzen’s management and supervisory board and said more than half of investors will likely accept. They also downgraded Berentzen to hold from buy and set a price target of €5.55.
在整个酒精行业需求疲软、企业难以剥离表现不佳品牌之际，Sazerac正在扩张。
Sazerac is expanding at a time of weak demand across the alcohol industry, with companies struggling to offload underperforming brands.
本月，它完成了对英国烈酒制造商Au Vodka的收购，而今年早些时候，针对杰克·丹尼威士忌所有者布朗-福曼公司的150亿美元恶意收购要约被拒绝。
It completed its acquisition of UK-based spirits maker Au Vodka this month, while a $15 billion unsolicited takeover offer for Jack Daniel’s owner Brown-Forman Corp. was rejected earlier this year.
彭博社此前报道称，布朗家族曾倾向于与法国保乐力加公司达成潜在交易，但与这家法国酿酒商的谈判已破裂。
The Brown family had favored a potential deal with Pernod Ricard SA, Bloomberg previously reported, but negotiations with the French distiller broke down.