BRL Hardy Ltd is almost no more. Given that South Australia’s Supreme Court will grant its approval of the take-over by US-based Constellation Brands, the company expects to cease trading this Thursday or Friday. The take-over ultimately valued BRL Hardy shares at A$10.50, or 268 Constellation shares for every 1000 BRL Hardy shares. According to information released by BRL Hardy, the Constellation share price used to calculate the Scrip Exchange Ratio is the volume weighted average share price for the ten full trading days of Constellation stock on the New York Stock Exchange up to and including March 25, 2003. The exchange rate was calculated as the simple average of the US$/A$ exchange rate at 5:30 p.m. (New York time) for each of the ten trading days ended March 25, 2003 as quoted by Bloomberg. BRL Hardy shareholders have until 5:00pm (Adelaide time) on April 4 to decide whether to receive their payment in cash, Constellation scrip, or a combination of the two.
