The number of shareholders opposing the impending merger between Coors and Molson is growing, according to press reports. The Wall Street Journal reported on its Web site yesterday (10 January) that opponents of the deal, who claim it undervalues Molson, believe they may have enough support to deny Molson the two-thirds of the shareholder votes it needs to approve the deal.

The Website cited unnamed sources familiar with the matter in the story.

The journal also said that former deputy chairman Ian Molson will announce his opposition to the deal today.
The companies could attempt to make the merger more attractive ahead of the scheduled 19 January vote by Molson Class A shareholders by increasing the special dividend for Molson shareholders, which now stands at $316m, or by changing the share exchange ratio, the Journal said.

If the merger fails, both companies could be liable to potential takeover attempts, the Journal said. SABMiller Plc suspended discussions with Ian Molson and Canada's Onex Corp. about a Molson bid until after a shareholder vote on the Coors deal, the Journal said.