Vincor subject of a hostile bid

Vincor, Canada's largest wine company, has been targeted in a hostile takeover bid today:

U.S.-based Constellation Brands, Inc. has made a hostile bid to buy Canadian wine producer Vincor International Inc. for $1.4 billion.

The U.S. company announced late Tuesday it had offered to pay $31 a share in cash for Vincor, Canada's biggest wine producer based in Mississauga, Ont.

Constellation said its proposal represents a premium of about 39 per cent over Vincor's closing share price of Sept. 8, the day before Constellation first submitted its proposal to acquire Vincor. [. . .]

"This transaction is a unique opportunity for Vincor and its shareholders to receive a significant cash premium for their shares despite the very difficult operating conditions Vincor faces in markets such as the U.S., the U.K. and Australia where it lacks scale."

Fascinating times in the Canadian wine business.