(Beam acquisition story, updated to reflect additional analyst comments and additional data)
NEW YORK (TheStreet) -- William Ackman's favorite market drink, whiskey maker Beam (BEAM), is buying vodka and rum brands from privately held spirits company White Rock Distillers, a deal that nearly doubles Beam's presence in the Vodka market and diversifies its top shelf, but could sober up shareholders betting that a takeover offer is coming.
Beam's acquisition of the fast-growing Pinnacle Vodka brand and a line of flavored rums called Calico Jack's, is the whiskey maker's biggest move so far as a stand-alone purveyor of spirits. Beam was spun out of Fortune Brands (FBHS) in mid-2011.
The $605 million acquisition may dim speculation that the maker of Jim Beam and Makers Mark whiskey can be acquired by a spirits giant like Diageo (DEO), market chatter that began after the 2011 spinoff.
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