The board of Bristol-based drinks group Allied Domecq has accepted an offer for the business from Pernod Ricard.

Pernod’s offer is worth £7.4bn with 80% in the form of cash with the remainder made up of Pernod Ricard shares.

Pernod has received backing for the offer from US-company Fortune brands, which, should the deal go through successfully, will take control of assets worth approximately £2.8bn.

These include brands such as Canadian Club, Courvoisier and Maker’s Mark as well as Allied’s US wines and distribution assets in the UK, Germany and Spain.

Pernod will hold onto much of the core spirits and wine brands including Ballantine’s, Beefeater, Malibu and Montana.

The future of the rights to the Stolichnaya vodka brand is unclear after its Russian-owner SPI announced that it might have to reconsider its position should such a deal go through.

The offer coincided with Allied Domecq’s six-months trading results announcement. The company saw pre-tax profit rise 7% to £285m while sales remained flat at £1.7bn.