Constellation Prepares to Gobble Vincor
Canadian based Wine Company Vincor, received a hostile takeover bid of US $1.2bn from none other than Constellation Brands. This would add wineries like Kim Crawford, Hogue, Toasted Head, and Kumala to Constellations growing list of Wineries which now includes Robert Mondavi Corp. Hostile takeovers can get nasty as we saw in the software industry with the takeover of Peoplesoft by Oracle Corporation. Looks like we might have another bidding war on our hands:
Vincor has rejected Constellation’s US $1.2bn offer, saying it is ‘inadequate and not in the best interests of shareholders’. Despite calling the approach ‘opportunistic and inadequate’, the Canadian company said it would consider other proposals.
Read [Decanter]
