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Molson boss says merger may lack support

Wednesday, Sept. 8, 2004 | 10:44 a.m.

TORONTO -- Canadian brewer Molson Inc.'s proposed merger with Adolph Coors Co. may lack sufficient shareholder support because there soon may be another offer to consider, Molson's chief executive was quoted today in a newspaper interview.

CEO Dan O'Neill told The Globe and Mail, a Toronto-based newspaper, that the proposed deal is the best for shareholders, but wavered on whether enough of the company's class-A nonvoting shareholders were convinced.

Under the proposed agreement with Coors, Molson shareholders would receive 0.36 shares of a new Molson Coors, or roughly $24.36 a share at Tuesday's closing prices, for each Molson share. Coors shareholders would trade their stock one for one.

O'Neill said many of his colleagues doubt whether a rival bid, from a group led by former vice chairman Ian Molson, will ever surface. But he said he has not ruled out the possibility.

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