Primo Water Shareowners Approve Merger with BlueTriton Brands – Expected Name Change to Primo Brands Corporation

Primo Water Corporation (NYSE: PRMW), a key player in the sustainable drinking water solutions market in North America, recently received approval from its shareowners for a merger with BlueTriton Brands, Inc. The decision was made during a Special Meeting on November 4, 2024, in connection with the arrangement agreement and plan of merger.

The transaction involves an exchange agreement whereby Primo Water, NewCo, and Amalgamation Sub will restructure under a Plan of Arrangement as outlined in the Arrangement Agreement. Shareowners approved the special resolution related to the arrangement under the Business Corporations Act (Ontario).

Out of approximately 160,341,329 outstanding common shares eligible to vote at the Meeting, the majority, specifically 143,031,470 shares, voted in favor of the Plan of Arrangement, with only 187,999 votes against it. Additionally, an advisory vote on certain transaction-related executive compensation was passed, with 136,592,979 shares for and 6,626,490 against.

A critical update following the meeting included the disclosure that NewCo would assume the name “Primo Brands Corporation” upon finalization of the business combination. This change will be implemented in conjunction with the merger completion, which is expected around November 8, 2024. Further, trading of Primo Brands’ Class A common stock under the ticker symbol “PRMB” is forecasted to commence on the New York Stock Exchange on November 11, 2024.

Management emphasized the confidence stakeholders have in the future of the merged entity. As stated by Jerry Fowden, Chairman of the Board of Primo Water, “The decisive shareowner vote in favor of our pending business combination with BlueTriton Brands underscores the confidence our shareowners have in the combined company’s future.”

Robbert Rietbroek, Chief Executive Officer of Primo Water, expressed enthusiasm about the merger, highlighting the complimentary strengths of both companies and the shared vision of becoming a leading North American branded beverage company.

The forward-looking statements in the official communication regarding the merger were accompanied by a cautionary note, addressing potential risks and uncertainties associated with the transition. Primo Water and BlueTriton advised stakeholders to carefully evaluate the risks and uncertainties outlined in regulatory filings before making any investment decisions related to the merger.

The transaction, once complete, is expected to position Primo Brands Corporation as a major player in the North American beverage industry, focusing on delivering sustainable hydration solutions and fostering growth in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Primo Water’s 8K filing here.

Primo Water Company Profile

Primo Water Corporation provides pure-play water solutions for residential and commercial customers. It offers bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, mineral water, sparkling and flavored essence water, filtration units, and coffee.