August 30, 2000 |
How sweet it was for a lot of investors. Wine stocks rallied Tuesday after two foreign firms launched bids to acquire California vintners, prompting talk of additional deals. Australia's largest brewer, Foster's Brewing Group, said it will buy Beringer Wine Estates Holdings (ticker symbol: BERW) for $1.5 billion plus assumption of debt. Beringer shares rocketed $10.25 to a 52-week high of $55.31 after Foster's offered $55.75 per share for Beringer.
June 24, 1998 |
Shares of Robert Mondavi Corp., one of the largest U.S. wine producers, fell nearly 8% after the company warned that fiscal fourth-quarter and 1998 earnings will be 15 cents a share below estimates because of slow Chardonnay sales. Oakville-based Mondavi shares fell $2.50 to close at $29.56 in heavy trading on Nasdaq. The stock, which earlier fell to a 52-week low of $27.63, is the worst-performing beverage stock so far this year with a 39% decline.
August 28, 1997
Beringer Wine Estates Holdings Inc., Napa Valley's oldest continuously operating winery, plans to go public in a $100-million initial share offering. The St. Helena producer of well-known premium wines such as Beringer and Meridian Vineyards filed to register an initial public offering for up to 4.85 million Class B common shares.
February 5, 1999 |
Canned-foods giant Del Monte Foods Co. and existing shareholders on Thursday raised $300 million in an initial stock sale. The San Francisco-based company sold 16.7 million shares at $15 each, the midpoint of the $14 to $16 expected range set by lead underwriter Morgan Stanley Dean Witter & Co. The company raised a total of about $250.5 million. Existing shareholders sold an additional 3.3 million shares at the same price, raising $49.5 million.
October 30, 1997 |
When a financial storm crushed Beringer Wine Estates Holdings' plan for a stock offering on Monday, anxious executives found solace in the winery's best reserve. "There's nothing like a fine bottle of Beringer to help ease the pain of the markets," said Kurt Mobley, an investment banker with Goldman, Sachs & Co., the firm leading Beringer's first-ever stock deal. "We had a lengthy dinner and drank several bottles."