US: Constellation/Vincor – hours to go
Constellation Brands has reminded Vincor International shareholders that its takeover deadline is fast approaching.
The US wine giant's C$33.00 (US$28.28) cash per share offer expires at midnight, US Eastern time tomorrow (8 December).
In the reminder, Constellation warned Vincor's shareholders that no alternative to its offer - "superior or otherwise" - has emerged in the three months since the US company approached Vincor's board.
"As a result of the Vincor board's refusal to consider cooperation, the only offer available to its shareholders is Constellation's C$33 per share cash offer," Constellation said.
Late last month, Constellation offered Vincor's board C$35 per share, if it supported the offer and provide cooperation throughout the completion of the acquisition.
"Vincor's board has refused to engage in discussions about any aspect of Constellation's C$35 cash per share proposal," Constellation said. "The proposal was made in good faith, and was summarily rejected by Vincor's board solely on the basis that the price was insufficient. No discussions have taken place between the two companies since this offer was made."
"The decision facing Vincor shareholders remains the choice between accepting a substantial cash premium from Constellation or accepting a very uncertain future for Vincor in a challenging global industry," the company concluded.
Vincor's board has already rejected Constellation's offer, saying it believed Constellation's C$35 proposal was still not acceptable. The Canada-based company's board said that the offer still fell short of the price that it views as acceptable for access to non-public information.
"A transaction with Vincor would be highly accretive to Constellation at prices well in excess of the C$35 that Constellation has proposed," Vincor said last month.
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