Source: Res Publica
April 5, 2019
Republic National Distribution Company and Breakthru Beverage Group today jointly announced that the proposed business combination of the two companies has been terminated and the related Hart-Scott-Rodino filing with the United States Federal Trade Commission (FTC) has been withdrawn. While both companies were optimistic about the prospects of the combined company, the decision to terminate the proposed merger was made after a protracted review by the FTC.
“Drawing strength from RNDC’s robust market position and positive outlook, we intend to continue on our path toward achieving enhanced efficiencies and innovation while carefully evaluating other strategic options,” stated Tom Cole, Chief Executive Officer of RNDC. “We look forward to further strengthening our relationships with our suppliers and customers and serving the many consumers throughout the U.S. who enjoy premium wine and spirits.”
“We’ve continued to advance the Breakthru business and our innovation platform and operating model are well positioned for growth,” said Greg Baird, Breakthru Beverage CEO. “We are confident that the strengths and stability of Breakthru, combined with the expertise of our team, uniquely positions us to serve our partners, both now and in the future.”