UPDATE: Cuervo Said to Plan IPO for Up to $1B
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(Updated - May 31, 2016 12:41 PM EDT)
Jose Cuervo is said to target a potential $1 billion IPO in the third quarter, according to Bloomberg. The company is said to be working with Morgan Stanley, Banco Santander SA, and JPMorgan on the offering.
UPDATE - Reports first landed in March that Cuervo had approached banks.
Cuervo's offering will mainly be new capital, but may also have a secondary component, which means existing owners could also sell stakes.
The offering size could have a floor of $500 million, sources said, though Cuervo's plans haven't been finalized yet.
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