‘A miss is as good as a mile’: Bacardi drops Jay-Z’s fortune from $2.5B to $460M, leaving him absolutely astounded and driven to the edge crazy
Jay-Z claims Bacardi REJECTED $1.5ʙɪʟʟɪᴏɴ buy out offer for his cognac brand D’Usse as he continues legal ᴡᴀʀ with ᴀʟᴄᴏʜᴏʟ giant
Bacardi turned down Jay-Z’s offer to purchase D’Usse outright for $1.5 ʙɪʟʟɪᴏɴ.They exchanged estimates of the value of D’Usse; Bacardi believed it was only worth $460 million, while Jay believed his part was worth $2.5 ʙɪʟʟɪᴏɴ.Jay returned with an offer to buy out the business for three times Bacardi’s valuation, but it was turned down, raising doubts in the rapper’s mind about 99 Problems.Since they are 50/50 partners, the entrepreneur recently filed a lawsuit against the large spirits company to find out how much money his ʙᴏᴏᴢᴇ line is producing.Since 2012, Jay-Z and Bacardi have collaborated on D’Usse.
Jay-Z has stated that Bacardi has turned down a huge $1.5 ʙɪʟʟɪᴏɴ takeover bid for his cognac brand D’Usse, just a month after he alleged that the ʙᴏᴏᴢᴇ company was attempting to underpay him.
The 52-year-old mogul is allegedly proposing a blockbuster settlement for his premium brand, and as a result, he is currently embroiled in a court battle with the sizable, privately held spirits company headquartered in Bermuda.
Legal records that TMZ was able to obtain on Thursday indicate that Jay-Z offered to pay $1.5 ʙɪʟʟɪᴏɴ to acquire complete ownership of D’Usse, but Bacardi turned him down.
ᴡᴀʀ: Jay-Z claimed a month ago that Bacardi is attempting to underpay him, and now the ʙᴏᴏᴢᴇ company has reportedly turned down a huge $1.5 ʙɪʟʟɪᴏɴ buyout offer for his cognac brand D’Usse. The tycoon was spotted in New York back in August.
One very intriguing point to notice is that, months prior to his bid, Jay allegedly stated in a publication that he and Bacardi had exchanged extremely different company estimates. Jay believed his half of D’Usse was worth $2.5 ʙɪʟʟɪᴏɴ, while Bacardi believed it was only worth $460 million.According to the website, Jay returned with an offer to purchase out the privately held business for three times Bacardi’s valuation, but they turned it down, leading the 99 Problems rapper to suspect a strange development.
As to the docs acquired by TMZ, the father-of-three accused the private spirits giant of ‘unduly influencing a third party who was called in to appraise the brand’.
Amazing: Jay-Z was prepared to pay $1.5 ʙɪʟʟɪᴏɴ to acquire complete ownership of D’Usse, but Bacardi refused him, according to court records that TMZ was able to obtain on Thursday. A bottle of the cognac is shown.
Jay-Z walks out with a bucket hat and an old Brooklyn Dodgers t-shirt.
The website reports Even while the appraisal’s exact value is still unknown, it was probably more in line with Bacardi’s worth than Jay-Z’s, given that the rapper is requesting that the court change the outcome of the arbitration that both parties underwent in order to facilitate the possible sale.
This happened one month after it was reported that Beyoncé’s husband was hoping to sell a portion of the luxury cognac company D’Ussé and that Bacardi was attempting to undervalue the sale price.
After looking through court documents related to the lawsuit, TMZ revealed that the rapper had submitted a request to the court to inspect Bacardi’s numbers on its D’Ussé brand.
The rapper and the liquor company have a partnership that was established in 2012, with a fifty percent share each.
Making a decision: This occurred one month after rumors circulated that Beyoncé’s husband (seen in August 2021) is attempting to undercut Bacardi on the sale price of a stake in the expensive cognac brand D’Ussé.
According to court documents, Jay-Z’s legal team stated that he attempted to invoke a buyout provision with Bacardi through his company SC Liquor. This clause requires the parties to “negotiate in good faith” regarding the ultimate amount.
Representatives for Jay-Z’s business said that the rapper’s attempts to obtain precise financial figures for D’Ussé have been obstructed and delayed by Empire Investments Inc., a company connected to Bacardi.
Through his legal team, Jay-Z expressed his belief that Bacardi had purposefully mishandled some parts of its business to impede earnings prior to a possible purchase.
TMZ said that although both valuations are concealed in legal documents, Jay-Z stated that Bacardi’s estimate was “far below” a reasonable total.
Giant: The 52-year-old business magnate has sued Bacardi, claiming they are 50/50 partners, to find out how much money his ᴀʟᴄᴏʜᴏʟic beverage brand is making.
While out and about in New York City, Jay-Z signs autographs for fans.
Rapper D’Ussé wants “financial clarity” over his premium cognac brand, so he’s asking the court to order Bacardi to disclose all of its financial information on the D’Ussé.
Documents obtained by TMZ Hip Hop on Tuesday reveal that his company, SC liquor, has requested financial transparency about D’Usse.
The website states that Jay-Z’s company is asking for all financial documents and records, along with the whereabouts of all the ᴡᴀʀehouses holding the cognac brand’s barrels, bottles, and accessories.
They also seek access to any relevant data about Bacardi’s physical inventory and inventory management system.
Although the motivation for Jay-Z and his partners’ efforts to move this process along is still unknown, it is clear that mistrust exists in their commercial relationship.
Serving it up: TMZ Hip Hop obtained documents on Tuesday which show that his company SC liquor had demanded for financial clarity when it comes to D’Usse
The ROC: Jay-Z is shown with wife Beyonce in June 2021. According to the website, his company is asking all financial documents and records in addition to the whereabouts of all the ᴡᴀʀehouses holding barrels, bottles, and accessories for the cognac brand.
Shot: Since 2011, Jay-Z and Bacardi have collaborated on D’Usse.
According to TMZ, one of the most intriguing claims made in the legal docs is that SC Liquor must “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner in the firm.
Since 2012, Jay-Z and Bacardi have collaborated on D’Usse.
In order to promote the brand, he frequently mentions it in his songs and, in 2014, he even drank part of the cognac that was poured into one of his Grammys.
The 99 Problems rapper, meantime, was included in deleted scenes from his wife Beyonce’s Club Renaissance Paris event earlier this month, which was organized in collaboration with Tiffany & Co.
The megastar, 41, dazzled in a silver outfit as she posed with her spouse in an elevator. She accessorized with a sporty, oversized jacket.
The singer of Break My Soul captioned a picture of herself with her devoted fan base, writing, “CLUB RENAISSANCE Paris with partner @tiffanyandco.”
The hashtags “#TiffanyAndCo #CLUBRENAISSANCE” were later added by her.
Beyoncé, Jay-Z, and Blue Ivy, their daughter, collaborate for Tiffany & Co.
Going up: Meanwhile earlier this month the 99 Problems rapper was featured in outtakes from wife Beyonce’s Club Renaissance Paris celebration in partnership with Tiffany & Co. earlier this month
