Constellation
Brands Announcement Regarding
Allied
Domecq plc
FAIRPORT,
N.Y., June 16, 2005 -- Constellation Brands, Inc. (NYSE: STZ, ASX: CBR)
today announced, that the consortium which includes Constellation, Brown-Forman
Corporation (NYSE: BFB), Lion Capital and The Blackstone Group, after careful
consideration following due diligence, has determined not to pursue an offer
for
Allied Domecq plc.
Constellation
Brands Chairman and Chief Executive Officer Richard Sands, stated,
“Constellation approached this opportunity in a disciplined strategic and
financial manner and does not believe that the economics justify an offer.
Our
basic premise is always that a transaction must create value for our
stakeholders. Simply put, careful consideration and evaluation of
the
details following due diligence did not identify sufficient value for submitting
an offer.”
Sands
continued, “Constellation greatly appreciates the strong support we have
received from our shareholders and consortium partners throughout this process.
We continue to believe that there are additional opportunities to complement
growth of our base business with strategic acquisitions in our industry,
and we
will remain a determined and disciplined buyer. As the largest wine company
in
the world, and the largest multi-category supplier of beverage alcohol in
the
U.S., Constellation looks toward building upon its outstanding track record
of
delivering true growth and value to our shareholders.”
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