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QUEBEC -- Shareholders will have to wait another two months before having their say on Molson Inc.'s proposed merger with Adolph Coors Co., according to GlobeandMail.com.
The Montreal-based brewery released a tentative merger timeline on Monday, which would see shareholders vote on the controversial deal the week of Dec. 13.
"It is important to view this schedule as tentative, as it is based on several assumptions," including the timing of clearance from U.S. securities regulators and a hearing at the Quebec Superior Court, the company said in a release.
Earlier this month, Molson's president and CEO Dan O'Neill said the timing of a vote could also be delayed if a rival bid is submitted for the 218-year-old brewery. Ian Molson, the company's former deputy chairman, is in talks with Toronto-based Onex Corp. and global brewing giant SABMiller plc over a potential rival bid for Molson.
The shareholder vote is expected to be close. Molson needs two-thirds approval from the holders of both classes of shares, voting and non-voting. The class B voting shares, controlled by chairman Eric Molson, will likely vote overwhelmingly in support of the agreement. But the non-voting shares are in the hands of funds and retail investors, many of whom have concerns about the Molson-Coors merger.