Coors, Molson Set Date for Merger Vote
DENVER -- A proposal to merge Adolph Coors Co. and Canada's Molson Inc. into the world's fifth-largest brewer will go before shareholders of both companies next month, reported the Associated Press.
The Jan. 19 vote was announced Friday after the U.S. Securities & Exchange Commission (SEC) completed a review, and the companies hope to finalize the merger by Jan. 28. The breweries will hold separate shareholder meetings in Quebec and in suburban Golden. Those eligible to vote were shareholders of record as of Nov. 22. Montreal-based Molson said its option holders will vote the day before.
If the merger is approved, Molson will submit the proposal to the Quebec Superior Court for final approval.
Representatives of both companies were optimistic that the merger will be completed, despite early speculation about a potential rival offer and an initial lukewarm response from shareholders and investors.
"We are very excited to move this forward and hope to see the merger close shortly," said Kabira Hatland, a Coors spokesperson.
A combined Molson Coors Brewing Co. would have sales of about $6 billion and brands that include Coors Original, Coors Light, Keystone, Molson Canadian and Carling. The two companies have agreed to pay a special dividend of $316 million to Molson's shareholders.
The Jan. 19 vote was announced Friday after the U.S. Securities & Exchange Commission (SEC) completed a review, and the companies hope to finalize the merger by Jan. 28. The breweries will hold separate shareholder meetings in Quebec and in suburban Golden. Those eligible to vote were shareholders of record as of Nov. 22. Montreal-based Molson said its option holders will vote the day before.
If the merger is approved, Molson will submit the proposal to the Quebec Superior Court for final approval.
Representatives of both companies were optimistic that the merger will be completed, despite early speculation about a potential rival offer and an initial lukewarm response from shareholders and investors.
"We are very excited to move this forward and hope to see the merger close shortly," said Kabira Hatland, a Coors spokesperson.
A combined Molson Coors Brewing Co. would have sales of about $6 billion and brands that include Coors Original, Coors Light, Keystone, Molson Canadian and Carling. The two companies have agreed to pay a special dividend of $316 million to Molson's shareholders.