Constellation sets deadline for Domecq offer

BRITAIN’S Takeover Panel yesterday set a June 29 deadline for a consortium headed by Constellation Brands to make a rival offer for spirits group Allied Domecq which has already agreed to be taken over by France’s Pernod Ricard.

The panel issued the “put up or shut up” ruling to the Constellation camp as Allied issued the offer document for its takeover by Irish Distiller’s owner Pernod on Wednesday and its scheme of arrangement, aimed at speeding up the Allied-Pernod deal.

The panel said Constellation must decide whether to issue a firm intention to bid by 5pm on June 29 or to say it will not proceed and not make an approach for six months.