PRIMO WATER ANNOUNCES SHAREOWNER APPROVAL OF MERGER WITH BLUETRITON BRANDS
Primo Water (NYSE: PRMW) announced that shareowners overwhelmingly approved the merger with BlueTriton Brands, with 99.9% of votes in favor, representing 89.2% of total outstanding shares. The transaction is expected to close on November 8, 2024. The combined entity will be renamed Primo Brands and will trade on NYSE under the ticker 'PRMB' starting November 11. At closing, Primo Water common shares will be exchanged for Class A common stock of Primo Brands at a 1:1 ratio. The merger aims to create a leading North American branded beverage company focused on healthy hydration.
Primo Water (NYSE: PRMW) ha annunciato che gli azionisti hanno approvato all'unanimità la fusione con BlueTriton Brands, con il 99,9% dei voti a favore, che rappresenta l'89,2% delle azioni in circolazione. L'operazione è prevista per chiudere l'8 novembre 2024. L'entità combinata sarà rinominata Primo Brands e sarà quotata sul NYSE con il simbolo 'PRMB' a partire dall'11 novembre. Alla chiusura, le azioni ordinarie di Primo Water saranno scambiate per azioni ordinarie di Classe A di Primo Brands in un rapporto di 1:1. La fusione mira a creare una delle principali aziende di bevande a marchio in Nord America, concentrandosi su idratazione salutare.
Primo Water (NYSE: PRMW) anunció que los accionistas aprobaron abrumadoramente la fusión con BlueTriton Brands, con un 99.9% de los votos a favor, lo que representa el 89.2% de las acciones en circulación. Se espera que la transacción se cierre el 8 de noviembre de 2024. La entidad combinada será renombrada Primo Brands y cotizará en NYSE bajo el símbolo 'PRMB' a partir del 11 de noviembre. Al cierre, las acciones comunes de Primo Water se cambiarán por acciones comunes de Clase A de Primo Brands en una proporción de 1:1. La fusión tiene como objetivo crear una empresa líder de bebidas con marca en América del Norte enfocada en la hidratación saludable.
프리모 워터 (NYSE: PRMW)가 주주들이 블루트리톤 브랜드와의 합병에 압도적으로 승인했다고 발표했습니다. 찬성 투표는 99.9%로, 총 발행 주식의 89.2%를 대표합니다. 거래는 2024년 11월 8일에 마감될 것으로 예상됩니다. 통합된 법인은 프리모 브랜드로 이름이 변경되며, 11월 11일부터 NYSE에서 'PRMB' 티커로 거래됩니다. 마감 시, 프리모 워터의 보통주는 프리모 브랜드의 A클래스 보통주와 1:1 비율로 교환될 것입니다. 이번 합병은 북미의 건강한 수분 공급에 중점을 둔 주요 브랜드 음료 회사로 성장하는 것을 목표로 하고 있습니다.
Primo Water (NYSE: PRMW) a annoncé que les actionnaires ont approuvé à l'unanimité la fusion avec BlueTriton Brands, avec 99,9 % des voix en faveur, représentant 89,2 % des actions en circulation. La transaction devrait se clôturer le 8 novembre 2024. L'entité combinée sera renommée Primo Brands et sera cotée sur NYSE sous le symbole 'PRMB' à partir du 11 novembre. Lors de la clôture, les actions ordinaires de Primo Water seront échangées contre des actions ordinaires de Classe A de Primo Brands selon un ratio de 1:1. La fusion vise à créer une entreprise de boissons de marque leader en Amérique du Nord, axée sur l'hydratation saine.
Primo Water (NYSE: PRMW) gab bekannt, dass die Aktionäre die Fusion mit BlueTriton Brands überwältigend genehmigt haben, mit 99,9 % der Stimmen dafür, was 89,2 % der ausstehenden Aktien entspricht. Der Abschluss der Transaktion wird für den 8. November 2024 erwartet. Die fusionierte Einheit wird in Primo Brands umbenannt und wird ab dem 11. November unter dem Ticker 'PRMB' an der NYSE gehandelt. Bei Abschluss werden die Stammaktien von Primo Water im Verhältnis 1:1 in die Stammaktien der Klasse A von Primo Brands umgetauscht. Die Fusion zielt darauf ab, ein führendes nordamerikanisches Unternehmen für Markengetränke zu schaffen, das sich auf gesunde Hydration konzentriert.
- Overwhelming shareholder approval with 99.9% votes in favor
- Merger creates a stronger combined entity in North American beverage market
- Maintains NYSE listing under new ticker PRMB
- 1:1 share exchange ratio preserves shareholder equity
- None.
Insights
This merger approval marks a significant milestone for both Primo Water and BlueTriton Brands. With a 99.9% approval rate from voting shareholders, representing 89.2% of total outstanding shares, the market clearly endorses this strategic combination. The merger will create a stronger entity in the North American beverage market, combining Primo's water solutions with BlueTriton's portfolio of brands.
The upcoming transition to Primo Brands (PRMB) signals a strategic repositioning in the beverage industry. The 1:1 share exchange ratio maintains equity structure simplicity for existing shareholders. The combined entity's focus on healthy hydration aligns with growing consumer trends toward health-conscious beverages, potentially expanding market opportunities and operational synergies. This consolidation could lead to improved cost efficiencies, enhanced distribution networks and stronger competitive positioning in the premium water segment.
The merger creates a powerhouse in the North American beverage market, particularly in the premium water segment. The combination will leverage BlueTriton's brand portfolio, which includes Poland Spring and Pure Life, with Primo's strong water solutions infrastructure. The domestic sourcing emphasis is strategically important, reducing supply chain risks and appealing to consumers' growing preference for local products.
The rebranding to Primo Brands reflects a broader strategic vision beyond just water services, suggesting potential expansion into adjacent beverage categories. This consolidation could lead to significant market share gains and improved bargaining power with retailers. The timing aligns with increasing consumer focus on healthy hydration alternatives to sugary beverages, positioning the combined entity to capitalize on this growing market trend.
Closing expected to occur on or about Friday, November 8, 2024
Combined company name announced as "Primo Brands Corporation"
Trading on the NYSE as "PRMB" expected on November 11
TAMPA, Fla. and STAMFORD, Conn., Nov. 4, 2024 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo Water"), a leading provider of sustainable drinking water solutions in
At the Special Meeting, approximately
The Transaction is expected to close on or about November 8, 2024, subject to final court approval of the plan of arrangement for the Transaction and satisfaction of certain other customary closing conditions set forth in the Arrangement Agreement and Plan of Merger, dated June 16, 2024, as amended.
In connection with the anticipated closing, the Company announced that it will change its name to Primo Brands Corporation ("Primo Brands") and will use the ticker symbol "PRMB" following the closing. At closing, Primo Water common shares will be exchanged for Class A common stock of Primo Brands at an exchange ratio of one common share to one share of Class A common stock of Primo Brands. The Class A common stock of Primo Brands is expected to begin trading on the New York Stock Exchange ("NYSE") on Monday, November 11, 2024.
"The decisive
Robbert Rietbroek, Chief Executive Officer of Primo Water, added, "With this merger, we will bring together the best of both companies, the power of our teams, premier, sustainably and domestically sourced brands, and our service offerings, to form Primo Brands. This new name reflects our shared vision as a leading North American branded beverage company with a focus on healthy hydration. Together, with an iconic portfolio of brands and operational strength, we believe we are well-positioned to drive growth and deliver long-term value for our stakeholders."
Primo Water is a leading
Primo Water's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo Water is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America which ensures strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.
Primo Water is headquartered in Tampa, Florida. For more information, visit www.primowatercorp.com.
BlueTriton Brands, Inc. is a water and beverage company in
BlueTriton Brands also owns and operates ReadyRefresh®, a reuse and refill platform for home and office beverage delivery in
Headquartered in
This press release contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management's expectations as to the future based on plans, estimates and projections at the time Primo Water makes the statements. Forward-looking statements involve inherent risks and uncertainties and several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities," and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. The forward-looking statements contained in this press release include, but are not limited to, statements regarding the anticipated timing of the completion of the Transaction, the trading of the combined company on the NYSE, and related matters. The forward-looking statements are based on assumptions regarding management's current expectations, plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially from those described in this press release include, among others: Primo Water's and BlueTriton Brands' ability to complete the Transaction on the anticipated terms and schedule; Primo Brands' ability to list its Class A common stock on the NYSE; the risk that disruptions from the Transaction will harm Primo Water's or Primo Brands' business; risks relating to the integration of Primo Water and BlueTriton Brands' operations, products and employees into the combined company and the possibility that the estimated synergies and other benefits of the Transaction will not be realized or will not be realized within the expected timeframe; risks relating to the business in which Primo Brands will operate following the Transaction; potential adverse reactions or changes to business relationships resulting from the completion of the Transaction; the risk of any litigation relating to the Transaction; and the risk that the Transaction could have an adverse effect on the ability of Primo Brands to retain and hire key personnel.
The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in Primo Water's proxy statement on Schedule 14A, filed on October 7,2024, Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents filed by Primo Water from time to time with the
Website: www.primowatercorp.com
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SOURCE Primo Water Corporation
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