Constellation Brands Boosts Vincor Bid
Monday November 28, 9:22 am ET
Constellation Brands Makes Final Bid for Vincor, Increasing Offer to $28.19 Per Share
FAIRPORT, N.Y. (AP) -- Constellation Brands Inc., one of the world's largest wine companies, said Monday it is increasing its takeover offer for Vincor International Inc. in a final attempt to buy Canada's largest wine maker.
Constellation said it increased its offer to 33 Canadian dollars per share ($28.19), up from a previous bid of 31 Canadian dollars ($26.48), or $900 million at that time. The new bid represents a 48 percent over Vincor's closing price on Sept. 8, the day before Constellation first made an offer, it said.
The new offer expires on Dec. 8, Constellation noted.
Vincor, of Mississauga, Ontario, earlier in November said its board had unanimously rejected Constellation's unsolicited $900 million offer because the bid was too low. Vincor said it was "aggressively pursuing" other options to bolster its stock price, and had entered into confidential talks with other parties.
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