HONG KONG, April 13, 2016 /PRNewswire/ -- Madison Wine (Stock Code: 8057.HK) today announced that it has signed a Memorandum of Understanding to acquire one of the world's largest wine auction house Acker Merrall & Condit (Target Company). Madison Wine intended to acquire and own up to 45% equity interest in the target company.
"Our company is facing stiff competition in the wine market. The acquisition plan is aligned with our long-term development strategy, in which will maximize our corporate interests and shareholder value," Madison Wine's executive director Mr. Kao Sheng-Chi said.
The strategic significance of this proposed acquisition includes:
Upon completion of the proposed acquisition, Madison Wine and Acker Merrall shall be entitled to appoint two and three directors to the board of the target company respectively.
Notes to editors
About Madison Wine Holdings Limited (Stock Code: 8057)
Madison Wine Holdings Limited was listed on the Hong Kong Exchange on 8 October 2015. Our business have continued growing and received constant support from wine lovers in Hong Kong since the opening of our first shop in 2012 on Queen's Road East. In 2015, we have relocated our flagship store to Gloucester Road in Wanchai with a continuously growing selection of rare, fine and premium wines. For more information, please visit our website http://www.madison-wine.com/.
About ACKER MERRALL & CONDIT (ASIA) LIMITED
Founded in 1820, Acker Merrall and Condit is the oldest wine retailer in America and one of the largest auctioneer for fine and rare wines in the world. With affiliated companies in Hong Kong, New York City and Chicago, Acker Merrall hosts more than 20 auctions every year, both live and on the Internet.
Acker Asia was born after the company held its first Asia sale in the emerging market in 2008. The first auction held in Hong Kong was a tremendous success selling over US$8 million of wine. Visit the company's website at https://www.ackerwines.com.
Acker Merrall & Condit, Asia headquarter
S3/F, China Merchants Godown B, 18 Sai Ning Street, Central, Hong Kong
T: +852-2525-0538
E: info@ackerasia.com
Media Contacts:
Fu Lai Financial Group Limited
Jason Lo
T: +852-3959 3604 / +852-9306-5538
E: jason@fulaigroup.com.hk / cnajason@hotmail.com
Millie Choi
T: +852-3959-3603 / +852-9823-1929
E: milliechoi@fulaigroup.com.hk