Investors in the Australian wine group, BRL Hardy, appear to be backing the A$1.9 billion takeover bid launched by US wine group, Constellation Brands, on Friday, with shares in the Australian company rising by 11% on Monday.
Constellation’s A$10.50-a-share offer, which shareholders can either take all in cash or in a combination of cash and shares, has been recommended by the BRL Hardy board.
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At one stage, it seemed that other bidders for BRL Hardy might emerge but, given the high price Constellation has shown itself willing to offer, analysts now consider a counter-bid to be less likely.
