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Seventh Release of Grandma Raethel
























The International Wine Industry
Bid for Vincor Withdrawn
Monday, 12th December, 2005  - Richard Farmer

The offer by Constellation Wines for Canadian company Vincor has lapsed. "We are gratified that shareholders have supported our recommendation that Constellationís offer was inadequate, opportunistic and should be rejected," said Mark Hilson, Chairman of the Special Committee of independent directors of Vincor, on Friday. "Vincor is a premium company, with great brands, enviable market positions and a compelling long-term growth strategy. Our shareholders recognize the underlying value of Vincorís business and prefer Vincorís strategy to grow our business rather than tender to Constellationís inadequate offer."

Vincor shares plunged 8.4 per cent, falling C$2.80 to C$30.45 as the market removed the takeover premium that had been priced in to the stock. The fall came despite a decision to increase the Vincor dividend and buy back 10% of the company's shares. Analysts said there are few if any other possible buyers for Vincor other than Constellation. Constellation let its C$33 per share takeover offer expire after failing to win over the two-thirds of shareholders needed to gain control of Canada's largest wine maker. "Constellation could not let this process continue indefinitely," said chairman and chief executive officer Richard Sands. "In these circumstances, we will move on to other priorities."

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