US: Another extension to Chalone offer granted
The Chalone Wine Group has been granted another extension in its acquisition process. The company said on Friday (10 September) that, in connection with Domaines Barons de Rothschild (Lafite) SCA's (DBR) proposal to acquire all of the group's outstanding publicly-held shares of common stock at US$9.25 per share in cash, the independent committee of Chalone's board of directors has been informed by DBR that the proposal has been extended until this Friday (17 September).
In May, Rothschild, Huneeus Vintners and Constellation Brands announced they were proposing the formation of a new independent joint venture to create what would be one of the world's leading luxury wines companies. The deal included the acquisition of Chalone.
Under the terms of the joint venture, Constellation Brands and Rothschild will provide the cash funding for the purchase of the Chalone shares.
The extension follows an announcement last week that the deadline would move to 10 September. The US$9.25 a share offer was initially scheduled to close on 30 June.
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