Major Berentzen Shareholder Says Sazerac Takeover Bid Too Low
(Bloomberg) — Berentzen-Gruppe AG is facing an investor revolt over plans to sell itself to Southern Comfort-maker Sazerac Co.
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.
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.
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.
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.
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 share.
“We do not expect any short-term price potential beyond the offer price,” the analysts wrote in a note. 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.
Sazerac is expanding at a time of weak demand across the alcohol industry, with companies struggling to offload underperforming brands.
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.
The Brown family had favored a potential deal with Pernod Ricard SA, Bloomberg previously reported, but negotiations with the French distiller broke down.
–With assistance from Eyk Henning.
©2026 Bloomberg L.P.
