CANADA: Ian Molson's bid chances fading
The prospects of a counter bid surfacing for Canadian brewer Molson are fading, according to a Canadian press report.
Molson is set to merge with the US brewer Adolph Coors. However, Ian Molson, a cousin of Molson chairman Eric Molson, has been seeking a way to launch an alternative offer for the brewer in which he is a shareholder.
But the Globe & Mail reported this week that Onex Corp, the Toronto private equity company that is thought to have pledged C$750m toward Ian Molson's rival bid, is no longer interested in working with him.
The newspaper quoted unnamed sources as saying that Onex was concerned a deal would be unsuccessful and was worried whether Molson was a solid investment in the first place.
SABMiller, which was also rumoured to be considering financing the Ian Molson bid, had also withdrawn from proceedings, the Globe & Mail said.
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