US. The chances of Bacardi-Martini becoming a public company may take a step closer in the next couple of months. The Bermuda-based company yesterday sent out proxies to all shareholders seeking their approval to increase Bacardi’s capital structure, which would require the issuance of additional shares beyond the 23.5 million currently held by about 600 family members. The Miami Herald yesterday reported that the plan “could be the first step toward an initial public offering.”
However, such a restructuring would require a second shareholder vote and board approval before any new shares could be sold on the stock markets. “There are absolutely no plans to take the company public at this time. Nor is there a need to raise any funds,” Ruben Rodriguez, Bacardi’s chairman and outgoing chief executive was quoted as saying. “But tomorrow that may change. It is in the company’s best interest to have the flexibility in its financial structure to do private or public deals.”
