US: Constellation rejects Vincor claim
Constellation Brands has dismissed Vincor International's claim that a suggested selling price was made.
The US wine giant saw its takeover bid for Vincor hit the buffers last week after the deadline passed for Constellation's C$33 (US$28.62) a share offer. Constellation had also offered C$35 a share, which was conditional on Vincor's board support and confirmatory due diligence.
Speaking to just-drinks last Wednesday (7 December) a spokesperson for Vincor said: "We were open to talk to them, so long as they gave a firm and fair offer north of C$35 (per share), and Constellation said no." When asked how far north, the spokesperson said: "Not a million miles away (from C$35)." The spokesperson would not be drawn on a specific figure.
However, a spokesman for Constellation rejected the claim, saying that no figure was ever suggested by the Canadian company. "Vincor never gave us a number - period," the spokesperson said. "We had to base our offers on publicly-held knowledge. They rebutted us at every offer we made."
When asked what future plans Constellation had for its bid, the spokesperson said: "We've got a business to run. There have been other situations where we have not prevailed. Life goes on."
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