(CercleFinance.com) – Constellation Brands announces that it has received a non-binding proposal from the Sands family to transition to a single-class common stock structure. The Board of Directors has set up a special committee to assess this proposal.
The deal provides that each Class B common share would be converted into 1.35 Class A common shares. The Sands family would remain the largest shareholder in the liquor group if a transaction is completed on the proposed terms.
According to the Sands family, the proposal brings ‘significant benefits that would accrue to the company and shareholders’, including ‘increasing market demand from investors who prefer single-class structures’.
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