US: Constellation’s Mondavi purchase complete
Constellation's acquisition of The Robert Mondavi Corporation is complete. The company announced yesterday (22 December) that Mondavi shareholders overwhelmingly approved the combination at the annual shareholder meeting, with more than 80% of the votes cast by the Class A shareholders and 94% of the votes cast by the Class B shareholders favouring the adoption of the merger agreement.
"Mondavi is now a wholly-owned subsidiary of Constellation," the company confirmed.
In connection with the completion of the transaction, Mondavi's Class A common stock ceased trading on NASDAQ at the close of markets yesterday.
Mondavi's Class A common shareholders will receive US$56.50 per share in cash and Mondavi's Class B common shareholders will receive US$65.82 per share in cash.
"Today opens a new chapter for Constellation and the Robert Mondavi brand," said Constellation Brands chairman and CEO Richard Sands. "With the successful completion of this landmark transaction, Constellation offers an unmatched wine portfolio with expanded fine wine offerings, in addition to our broad portfolio of leading brands in the spirits and imported beer categories and unparalleled global distribution capabilities.
"This is a winning combination that preserves and enhances the heritage of both companies and will produce outstanding wines for generations to come," continued Sands. "We welcome Mondavi's dedicated and experienced employees to Constellation as we continue our tradition of industry leadership, and we're eager to expand the Mondavi wine presence around the world."
A consortium led by Constellation Brands has made a tentative approach for Allied Domecq....
The Board of Directors of Constellation Brands, Inc. has declared a quarterly dividend on the company's 5.75% Series A Mandatory Convertible Preferred Stock, payable on 1 June, to shareholders of reco...
Constellation is expected to launch a counter-bid for Allied Domecq by the end of this month, according to press reports....
The Hardy Wine Company has posted a record grape harvest....
Constellation Brands is to launch a new Australian wine brand onto the US market through its North Lake Wines. The wine will be called Kelly's Revenge....
A host of drinks companies spent the weekend mulling over whether to launch counter-bids for Allied Domecq, according to press reports over the last few days....
This weekend's press reports have thrown up two other interested parties in the potential Allied Domecq carve-up....
Constellation Brands is interested in some of Allied Domecq's spirits brands, according to reports today (15 April)....
- Interview Berry Bros & Rudd CEO Dan Jago - Part II
- Heineken's new range foreshadows craft's future
- Interview Berry Bros & Rudd CEO Dan Jago - Part I
- Gruppo Campari Q4 & FY 2016 results - Preview
- Will fat-blocking products save the day for CSDs?
- Diageo faces US$68m payout after SAP court loss
- Pernod Ricard's Method and Madness Irish whiskey
- Wm Grant names Victor Jerez business director
- Heineken hit by Greek compensation claim
- Cognac set for future growth - research
- Global vodka insights - market forecasts, product innovation and consumer trends
- Global gin insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Consumer and Market Insights: Wine market in UK