The deal values Highland shares at 425p - 59% more than the company's value before speculation about the bid emerged last month.

Grant's, maker of Glenfiddich and Grant's whiskies and Edrington, which makes Cutty Sark scotch, will run 112-year-old Highland in a specially formed division called The 1887 Company.

'Limited redundancies'

A spokesman for the bidders said limited redundancies may take place at Highland's head office in Perth, but that the bulk of its 300-strong workforce was safe.

The Macallan is a popular malt

Edrington - a private trust run on behalf of the Robertson family - now has a 70% stake in Highland, while Grants has bought the remaining shares.

The Famous Grouse is Britain's second best selling blended whisky after Bell's, with Teachers in third place.

But despite good home sales, Highland Distillers profits and sales fell in the first half of the year.

Last month, shares in Highland Distillers jumped following confirmation that the firm had received a takeover approach.

'Lacklustre rate'

Bryan Johnston, a whisky analyst with Bell Lawrie White stockbrockers, said at the time: "I suspect that what has happened is that the Robertson family, who through various cross holdings have about 28% of Highland Distillers and about 50% of the brand of The Famous Grouse itself, have probably frankly got fed up with the lacklustre rate of the share price."