Constellation to Start Tender Offer for Vincor

Constellation Brands Inc., the world’s largest winemaker, is starting a $26.31-a-share cash takeover offer for Vincor International Inc. after the company refused to negotiate with it.

The tender offer will begin Thursday and expire Nov. 28, Fairport, N.Y.-based Constellation said.

Constellation last month offered to buy Vincor for about $900 million. Vincor rejected the offer as inadequate and said it was seeking other potential buyers. Since then, Constellation said, it has been excluded from any auction Vincor might have been holding, and it hasn’t had access to the company’s financial information.

Mississauga, Ontario-based Vincor, Canada’s largest winemaker, declined to comment.