Constellation, Vincor Believed Close to a Deal

The board of Canadian winemaker Vincor International Inc. turned down a sweetened takeover bid by U.S. rival Constellation Brands Inc., but analysts said a deal was not far off.

Vincor said the offer for 33 Canadian dollars ($28.21) a share, which values the Toronto-area wine producer and distributor at more than 1.1 billion Canadian dollars ($940 million), was inadequate but added that it would welcome a higher offer.