CANADA: Molson Coors prepare new deal - report
Molson and Coors are preparing a more attractive merger deal for Molson's divided shareholders, according to press reports. The Globe and Mail said today (5 November 2004) that the two brewers were considering a plan yesterday to sweeten their proposed merger agreement for Molson shareholders.
While the proposed merger is widely supported by Molson's Class B voting shareholders, Class A non-voting shareholders are less enthusiastic, the newspaper said.
Molson's board of directors met last night to consider the proposal for a revised agreement. The proposed sweetener is not believed to affect the exchange ratio, through which Molson's Class A shareholders would receive 0.36 share in Coors for every Molson share. There has been speculation that one way to boost support for the merger would be to pay a special dividend from Molson's treasury before the merger takes effect.
Molson officials declined to comment on the possibility of a sweetened deal for Molson shareholders. A Coors spokesperson said the company does not comment on rumour or speculation.
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