USA, San Francisco: A growing number of shareholders have indicated opposition to the merger between U.S.-based Adolph Coors Co. and Canada's Molson Inc., which would create the world's fifth-largest brewery, Molson Coors, with $6 billion in annual sales, the Wall Street Journal reported on its Web site on January 11.
Opponents of the deal, who claim it undervalues Molson, believe they may have enough support to deny Molson the two-thirds of the shareholder votes it needs to approve the deal, the Journal said, citing unnamed sources familiar with the matter.
The Journal also said that Ian Molson would announce his opposition to the deal on Tuesday. Molson is a member of the family that owns the Montreal-based company, a major shareholder and a former deputy chairman.
Molson has been attempting to put together a rival offer for the company, the Journal said. The Coors-Molson merger was announced in July.
The companies could attempt to make the merger more attractive ahead of a scheduled Jan. 19 vote by Molson Class A shareholders by increasing the special dividend for Molson shareholders, which now stands at $316 million, or by changing the share exchange ratio, the Journal said.
If the merger fails, both companies could be liable to potential takeover attempts, the Journal said. SABMiller Plc suspended discussions with Ian Molson and Canada's Onex Corp. about a Molson bid until after a shareholder vote on the Coors deal, the Journal said.
Coors shares closed ahead of the news Monday at $75.36, up $3.17 or 4.4 percent.
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