The Coca-Cola Amatil share price surged more than 54% in the past 52 weeks, but where are the company’s shares now? Here’s a recap.
The post Whatever happened to Coca-Cola Amatil (ASX:CCL) shares? appeared first on The Motley Fool Australia. –
Been looking at the ASX boards lately and noticed the absence of Coca-Cola Amatil Ltd (ASX: CCL) shares? If you were not a shareholder in the beverage giant, it may have escaped your attention that Coca-Cola shares are, in fact, no longer trading on the ASX. Despite this, shares in the company still managed to surge 54% over the past year before they were officially removed from the local bourse in May 2021.
Shares in the beverage maker were the beneficiary of a successful takeover bid from overseas. As a result, Coca-Cola Amatil shares ceased trading on the ASX in April this year after 117 years of local corporate history.
Let’s take a walk down memory lane and see what transpired over the past year to drive the Coca-Cola Amatil share price higher.
Coca-Cola Amatil share price surges on takeover news
CCEP followed up on speculation, making a formal offer of $12.75 cash per share in Coca-Cola Amatil less any dividends. This prompted shares in the beverage company to surge more than 16% following the announcement.
Following an investor briefing, Coca-Cola Amatil entered into a scheme implementation deed with CCEP in November.
The Coca-Cola Amatil share price received a further boost earlier this year after CCEP increased its offer price to independent shareholders. CCEP revised the original offer, increasing its bid to $13.50 per share.
Shareholders give greenlight
According to proxy votes revealed by Coca-Cola Amatil, 253.511 million shares were in support of the takeover bid. The count included 62.48% of shareholders, with 97.61% shares voting.
As a result, the vote passed the benchmark of 50% of shareholders and 75% of shares required for the takeover to proceed. Following this, Coca-Cola Amatil shares ceased trading on the ASX on 21 April.
More on Coca-Cola Amatil
Coca-Cola Amatil operated as an authorised bottler and distributor of the Coca-Cola Company (NYSE: KO). The company has 32 production facilities in Australia, New Zealand, Fiji, Indonesia and Papua New Guinea.
As a result, prior to its takeover, Coca-Cola Amatil was one of the largest bottlers and distributors of ready-to-drink beverages in the Asia Pacific region.
Apart from soft drinks, Coca-Cola Amatil also owns the Grinder coffee business and a number of tea brands. In addition to water brands such as Mount Franklin, the company also has various energy drinks and juice brands under its masthead.
Coca-Cola Amatil also has distribution deals with various alcoholic beverages including Canadian Club and Jim Beam. In addition, the company has a joint-venture beer business under the Yenda brand.
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.