Linklaters scoops work on Glenmorangie sale

Linklaters has scored its first instruction from whisky-maker Glenmorangie after the firm was drafted in to advise on its sale to French luxury goods group Louis Vuitton Moet Hennessy (LVMH).

The deal, which was announced last month, saw LVMH win the hotly contested bid for Glenmorangie with a £300m offer, after its main rival Pernod Ricard, withdrew from the bidding.

LVMH will fund the deal through its cash reserves.

Glenmorangie’s regular corporate adviser is Scottish firm Semple Fraser. It is understood that Linklaters did not have to compete for the work.

Glenmorangie has an unusual share structure, in which A shares have a single voting right attached to them, while B shares have five votes attached. The Edinburgh-based Macdonald family owns the bulk of the B shares.

LVMH was named as the recommended purchaser after offering £17.17 for each A share and £24.12 for each B share in the whisky distiller.

Last month, Glenmorangie’s key shareholders – Brown Forman, the Macdonald family and the Glenmorangie directors – gave irrevocable undertakings to LVMH guaranteeing the luxury goods house a total of 45 per cent of A shares and 71 per cent of B shares. The deal gives LVMH 61 per cent of the total voting rights in Glenmorangie.

A formal offer is yet to be tabled.

LVMH was advised by its main corporate counsel, Freshfields Bruckhaus Deringer, led by partner Gareth Stephenson. Linklaters partner Matthew Middleditch advised Glenmorangie.

NM Rothschild & Sons provided financial advice to Glenmorangie while Lazard advised LVMH.