...deal's off .... we've got a holiday party to attend to...
from the FT:
Richard Sands, Constellation’s chief executive, said that his company “could not let this process continue indefinitely. In these circumstances, we will move on to other priorities”.
Constellation originally offered C$31 a share, and had indicated that it might be willing to raise its bid to C$35 in a friendly deal.
Nevertheless, Constellation may renew its assault on Vincor. Mr Sands has a track record of aggressively pursuing acquisitions and integrating them rapidly.
One person familiar with the matter said Constellation was undecided until the very last minute whether to extend the tender offer. He added that the decision to drop the bid did not mean Constellation had entirely lost interest in Vincor. The US drinks group is expected to monitor the reaction by Vincor shareholders.
