Molson May or May Not Tap the Rockies
Shareholders are scheduled to vote on the Molson, Coors merger within the week, and apparently one Canadian holder is already set to vote against it.
That holder is Ian Molson, former deputy chairman of Molson.
“I have evaluated the Molson/Coors proposal carefully and have concluded that this is a bad transaction for Molson shareholders,” he says. “Notwithstanding the company’s current challenges, the fundamentals of the company are strong. In my judgment, Molson has an ongoing ability to create value for its shareholders, substantially in excess of what is offered by way of the Coors merger proposal. Molson should not be afraid of the future.”
The merging of Coors and Molson would create the fifth largest brewery in the world.
The proposition so far is $3.4 billion, and Daniel O’Neill, Molson CEO has no plans of going any higher.
“There isn’t any plan at all to change (the bid.) We’ve made some adjustments as we went along to respond to some shareholders,” said O’Neill “It’s more than a fair transaction and we believe it will be approved by shareholders.”
Well, merger or no merger, I’m ready for a cold one.