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ROCHESTER, N.Y. (AP) - Constellation Brands Inc., pushing ahead with an unsolicited takeover bid for Vincor International Inc., expressed bafflement Wednesday that the Canadian wine producer viewed the $900 million offer as "opportunistic and inadequate."
The world's biggest wine company offered $31 Canadian ($26.45) a share in cash late Tuesday for Vincor, Canada's biggest producer and one of the world's 10 largest in terms of revenue. The offer, which also assumes about $260 million in debt, is a 39 percent premium over Vincor's closing share price of Sept. 8, the day before Constellation first proposed an acquisition.
Shares in Vincor shot up $12.88 Canadian, or 55 percent, to close at $36.35 Wednesday on the Toronto Stock Exchange.
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