AWH raises offer for Lark

Australian Whisky Holdings has launched another takeover bid for Tasmania’s award-winning, single malt producer, Lark Distillery.

AUSTRALIAN Whisky Holdings has launched another takeover bid for Tasmania’s award-winning single malt producer, Lark Distillery.

Last year AWH, which owns the controversial Nant Distillery, snared a further share of Lark, taking its holding from 32 per cent to 48.12 per cent.

AWH announced yesterday it would seek to shore up its holding with a bid to buy out the remaining 29 shareholders, valuing the asset around $20 million.

This time around, AWH has upped its offer, giving Lark shareholders an option to take $400 or 12,500 AWH shares for every Lark share. If all Lark shareholders accept the offer, AWH will have to pay $10.7 million or more than 334 million shares in AWH, or a combination of the two.

However, the takeover hinges on AWH successfully completing a capital raising, which will begin after April 30.

AWH chief executive Chris Malcolm said the new offer could be more attractive as it had a cash consideration.

Lark was founded in 1992 by Tasmanian whisky pioneer Bill Lark, who is a very small shareholder in Lark but is employed as an ambassador, promoting the whisky brand and the wider industry.