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.
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Coca-Cola Amatil share price surges on takeover news
The Coca-Cola Amatil share price received a massive boost last October. The extra attention was the result of a $10 billion takeover offer from Coca-Cola European Partners PLC (NYSE: CCEP).
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
Following approval from the Supreme Court of New South Wales, the final decision on whether to proceed with the takeover came down to Coca-Cola Amatil shareholders.
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.
