A month after saying Bacardi was trying to underpay him, Jay-Z claimed the alcohol brand turned down a massive $1.5 billion buyout offer for its D’Usse cognac brand.
The 52-year-old mogul is currently embroiled in an ongoing legal war with the large, privately owned, Bermuda-based spirits company as he reportedly proposed a blockbuster settlement for his premium brand.
According to legal documents obtained by TMZ on Thursday, Jay-Z was willing to spend $1.5 billion to buy D’Usse’s entire property, but was turned down by Bacardi.
War: A month after saying Bacardi is trying to underpay him, Jay-Z has claimed the alcohol brand turned down a massive $1.5 billion buyout offer for its D’Usse cognac brand. The mogul is seen in New York in August
A very interesting note is that months before his bid, according to the publication, Jay claimed to have exchanged valuations of the company and they were very far apart, as Jay felt his half of D’Usse was worth $2.5 billion, while Bacardi thought it was worth only $2.5 billion. worth $460 million.
Jay went back to offer to buy out the private company for three times Bacardi’s valuation, but they turned it down, leading the 99 Problems rapper to think something suspicious was going on, according to the site.
The father-of-three accused the liquor giant of “improperly influencing a third party engaged to review the brand,” according to documents obtained by TMZ.
Wow: According to legal documents obtained by TMZ on Thursday, Jay-Z was willing to spend $1.5 billion to buy the full ownership of D’Usse but was turned down by Bacardi, a bottle of cognac is pictured
While it remains unclear what the appraisal was, the site reports that it was likely closer to Bacardi’s value than Jay-Z’s, as the rapper asks the court to change the result of an arbitration that both parties went through to assist in the possible sale.
This came a month after reports that Beyonce’s husband is seeking a share of luxury cognac brand D’Ussé, and that Bacardi is trying to lowball him on the sales total.
The rapper has submitted a request to the court to see Bacardi’s figures on his D’Ussé brand. TMZ reported after review of court documents in the case.
The collaboration between the rapper and the liquor brand, which has existed since 2012, should be set at 50 percent each.
Taking a stand: This came a month after reports that Beyonce’s husband (seen in August 2021) is looking to sell a share of luxury cognac brand D’Ussé, saying Bacardi is trying to lowball him on the sales total
Jay-Z, through his company SC Liquor, sought to exercise a buyout clause with Bacardi, which is contractually mandated to “negotiate in good faith” over the final amount, his legal team said.
Representatives from Jay-Z’s company said that the company associated with Bacardi, Empire Investments Inc., has been slowing down and thwarting the rapper’s attempts to get accurate financial totals for D’Ussé.
Jay-Z, through his legal team, said he believes Bacardi deliberately mismanaged aspects of his company in an effort to stunt profits ahead of a potential takeover.
While both valuations have been redacted in legal filings, TMZ reported, Jay-Z said Bacardi’s estimate was “well below” a fair total.
Giant: The 52-year-old mogul has filed a lawsuit against Bacardi because he wants to know how much his alcohol line brings in since they are 50/50 partners
The rapper is asking the court to force Bacardi to fully disclose his finances related to the D’Ussé, as he wants “financial clarity” about his premium cognac brand D’Usse.
TMZ hip-hop obtained documents on Tuesday showing that his company SC Liquor had demanded financial clarity when it comes to D’Usse.
According to the site, Jay-Z’s company is requesting all financial books and records, in addition to the location of all warehouses that store barrels, bottles and accessories for the cognac brand.
They also want all relevant information about Bacardi’s physical inventory and inventory process.
It remains unclear why Jay-Z and partners are pushing this process forward, but it is clear that there is mistrust in the business partnership.
Serving up: TMZ Hip Hop obtained documents on Tuesday showing that its SC liquor company had sought financial clarity when it comes to D’Usse
The ROC: According to the site, Jay-Z’s company is requesting all financial books and records, in addition to the location of all warehouses of barrels, bottles, and accessories for the cognac brand. He is pictured with wife Beyonce in June 2021
TMZ notes that one of the statements in the legal documents is very interesting, as it says that SC Liquor says it “conducted the conduct of [Bacardi’s] company to protect SC’s rights as a ‘partner in the company’.
Jay-Z and Bacardi have been working together on D’Usse since 2012.
He regularly checks out the brand in his songs and in 2014 even poured some of the brandy into one of his Grammys and drank it to promote it.
Shot: Jay-Z and Bacardi have been working together on D’Usse since 2011
Meanwhile, earlier this month, the 99 Problems rapper was featured in outtakes from wife Beyonce’s Club Renaissance Paris celebration in collaboration with Tiffany & Co. earlier this month.
The 41-year-old megastar stunned in a silver ensemble as she posed in an elevator with husband while wearing a sporty oversized jacket.
The Break My Soul singer wrote in the caption to her loyal following: “CLUB RENAISSANCE Paris with partner @tiffanyandco.”
She then added hashtags, “#TiffanyAndCo #CLUBRENAISSANCE.”
Up: Meanwhile, earlier this month, the 99 Problems rapper was featured in outtakes from wife Beyonce’s Club Renaissance Paris celebration in collaboration with Tiffany & Co. earlier this month