Botched up
What a protracted deal: Adolph Coors Co. announced in November that it had agreed to pay CAD381 million (USD316 million) to Molson Inc.’s shareholders, sweetening its bid for its Canadian rival before a key shareholder vote on the deal. "The decision was made, clearly, in an effort to encourage Molson shareholders to approve the deal", Molson spokeswoman Sylvia Morin was quoted as saying. The payment adds a cash dividend that was not part of the original all-stock agreement. It will be remembered that the deal had been billed by the companies as a "merger of equals". Morin said Molson and Coors managements made the decision on the special dividend after holding meetings with shareholders and determining something had to be done to get them to view the deal in a positive light.
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