CANADA: Bidding speculation drives Molson shares
Shares in Molson Inc. have risen amidst speculation of a bidding war. The speculation comes after the company confirmed yesterday that it would merge with Adolph Coors Co.
In a report from Reuters yesterday, sources said that Ian Molson, who left Molson's board in June after disagreements with his cousin, board chairman Eric Molson, approached Molson's board on Wednesday night with a last-minute takeover plan.
The report also said that there was speculation that an outside company, maybe one of the world's major brewers, might come in with a higher offer.
Shares in Molson rose by C$1.00 to C$35.70, their highest level since January.
Coors and Molson executives were enthusiastic about the deal in a meeting with investors, Reuters said, but became subdued when fielding questions about a bid from Ian Molson. Coors chief Leo Kiely III tried to ward off questions about Ian Molson, and Eric Molson was adamant that the Coors deal was not a ploy to generate outside bids.
"We are not in a selling mood," he said. "The company is not for sale."
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