Highland Distillers, producer of "Famous Grouse" whisky, is to be taken private in a deal worth more than £700m ($1.14bn) that aims to give Scotland a company with the clout to battle for market share with multinational drinks groups. Two Scottish private companies have joined forces to offer 425p/share cash for Highland, valuing the equity at £568m. They are also paying £33.5m for convertible bonds and taking on more than £100m of other debt. The two bidders are Edrington, a private company, owned by a charitable trust and who already holds a 27.9% stake, and William Grant, the whisky distiller that also makes the best selling malt Glenfiddich. Edrington will own 70% of Highland and Grant the remainder. The offer has irrevocable acceptances from shareholders with more than 50% of the stock, including Edrington's stake.
