Fairport, New York, December 2, 1998 -- Canandaigua Brands, Inc. (NASDAQ: CBRNA and CBRNB) today announced that its cash offer to purchase all of the outstanding ordinary shares of Matthew Clark plc (LSE:MTC) has been declared unconditional in all respects. Settlement of the consideration due to accepting shareholders will begin no later than December 16, 1998. As of December 1, 1998, valid acceptances had been received representing approximately 74.9 million Matthew Clark shares, or approximately 84.6% of Matthew Clark's existing issued ordinary share capital. The offer will remain open for acceptance until further notice.
Canandaigua Brands announced on November 3, 1998, that it had launched a cash offer for the outstanding ordinary shares of Matthew Clark at a price of 243 pence per share. With approximately 88.5 million shares of Matthew Clark stock outstanding, the total purchase price of the shares is expected to be approximately £215 million.
Canandaigua Brands, Inc., headquartered in Fairport, New York, is the largest single-source supplier of imported beers, wines and spirits in the United States. The Company is the second largest marketer of imported beer, the second largest wine producer and marketer and the fourth largest spirits provider in the US.
The Company's portfolio includes the following key brands:
Beer: Corona Extra and Corona Light, Modelo Especial, Pacifico, Negra Modelo, St. Pauli Girl, Tsingtao and Point
Wine: Almaden, Inglenook, Paul Masson, Richards Wild Irish Rose, Arbor Mist, Cook's, Taylor, and Manischewitz
Distilled Spirits: Barton, Fleischmann's, Paul Masson Grande Amber, Mr. Boston, Montezuma, Canadian LTD, Chi-Chi's, Ten High and Inver House