Sun sets on liquor empire

The late Michael Erceg’s liquor empire Independent Distillers has formally been put on the block.

The family of the liquor baron, who died in a helicopter crash last November, has appointed investment bank UBS to advise the family on ownership options, which could include a float or a sale. The bank yesterday confirmed the appointment but declined to comment further.

Observers say a trade sale is the most likely outcome and believe the business could fetch between $700 million and $1 billion.

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