Constellation Brands has clarified details about its latest bid for Vincor International, which the Canadian wine producer has already rejected.

Constellation warned yesterday (29 November) that Vincor's board should act now, as the deadline for the offer of 8 December approaches.

"Constellation's best and final offer for Vincor is C$33 (US$28.31) cash per share, in the absence of an agreement with Vincor's board," the company said.

The US wine giant said it could raise its offer to C$35 a share if, "and only if", Vincor's board supports the transaction, agrees to customary cooperation throughout the sale, transition and integration process, and if confirmatory due diligence is acceptable.

"There are no ongoing discussions with Vincor," Constellation noted.

The company said it was prepared to let the offer expire on 8 December, unless the bid is accepted or an agreement with Vincor is sealed before the deadline.

"If Vincor's board wants to act in the best interests of its shareholders, and provide its shareholders with the possibility of an offer at C$35 cash per share, the board must act now," Constellation concluded.

On Monday, Vincor's board said that, while it was encouraged that Constellation has started to recognise the value of the company and has raised its price, it believed Constellation's C$35 proposal was still not acceptable. Vincor said 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.