Winemaker Staves Off Constellation Takeover

Vincor International Inc., Canada’s largest winemaker, fought off a hostile takeover bid by Constellation Brands Inc.

Fairport, N.Y.-based Constellation, the world’s biggest winemaker known for such brands as Robert Mondavi, said its offer of 33 Canadian dollars a share, valuing the deal at $948 million, had expired.

Constellation, which had sweetened its initial September offer of 31 Canadian dollars a share, said it was time to “move on to other priorities” and end its pursuit of Vincor.

U.S.-traded shares of Vincor, based in Mississauga in the Canadian province of Ontario, fell $2.44 to $26.25. Constellation fell 1 cent to $24.82.