US: Ian Molson announces merger opposition
Ian Molson has announced his opposition to the proposed merger of Molson and Coors. Molson's former deputy chairman, who left the company last year, said yesterday (11 January) that he would vote against the merger, and that he was disappointed that he was unable to put together a rival bid.
"I have evaluated the Molson/Coors proposal carefully and have concluded that this is a bad transaction for Molson shareholders," Molson said in a statement issued from his London office. "The status quo is a better option."
"Molson shareholders are not being paid for the change of control nor the disappearance of the institution called Molson that they are being asked to facilitate," wrote Molson, who resigned from the board last year after clashing with his cousin, the company's current chairman Eric Molson.
"In my judgment, Molson has an ongoing ability to create value for its shareholders, substantially in excess of what is offered by way of the Coors merger proposal," he said. "Molson should not be afraid of the future."
Ian Molson holds about 11% of Molson's Class B shares. Eric Molson owns about 50.4% of that class. Class A stock is publicly-owned.
Shareholders of both Coors and Molson are to vote on the proposed deal on Wednesday (19 January).
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