USA: Adolph Coors Company announced on January 4 that Institutional Shareholder Services (ISS) has recommended that Coors shareholders vote in favor of the proposed merger between Coors Brewing Company and Molson, Inc. In reaching its decision to recommend that shareholders vote FOR the Molson-Coors merger, ISS noted in its January 3, 2005 report that: "Coors shareholders are expected to reap the strategic merits of the combination such as improved scale, a better mix of revenues and earnings as well as financial benefits derived from cost savings."
Leo Kiely, chief executive officer of Coors, said, "We are pleased that ISS has recognized the strategic and economic logic of this combination, as well as the thoroughness of the evaluation process undertaken by our board of directors. ISS's conclusions confirm our belief that the merger offers the best value and opportunity for our shareholders."
Coors will hold a special meeting of its shareholders on January 19, 2005, to vote on the companies' proposed merger. Coors shareholders of record at the close of business on November 22, 2004, will be entitled to vote on the proposal. The special meeting will be held at Coors Brewing Company in the Sixth Floor Auditorium in the Brewery Complex, 12th and Ford Streets, Golden, Colorado, at 9:00 a.m., Mountain Time. Coors urges shareowners to sign, date and return the green proxy card voting FOR the Molson-Coors merger proposal.
Founded in 1873, Adolph Coors Company is the world's eighth-largest brewer, with $5.4 billion in annual gross sales. Its principal subsidiary is Coors Brewing Company, the third-largest brewer in the U.S., with a beverage portfolio that includes Coors Light, Coors, Aspen Edge, Killian's, Zima XXX and the Keystone family of brands. The company's operating unit in the United Kingdom, Coors Brewers Limited, is the U.K.'s second-largest brewer, with brands that include Carling -- the best-selling beer in the U.K. -- Grolsch, Worthington's, Reef and the recently launched Coors Fine Light Beer.
05 January, 2005
