Potter Anderson Advises Special Committee of Constellation Brands on Deal to Eliminate High-Vote Stock
Constellation Brands, a leading beverage alcohol company, announced that following the recommendation of a special committee comprised solely of independent directors, its Board of Directors has approved, and will recommend to stockholders for approval, a proposal to eliminate the company’s Class B common stock. The proposed reclassification contemplates that each outstanding share of the company’s Class B common stock, including those owned by the Sands Family, will be converted into the right to receive one share of Class A common stock plus cash consideration in the amount of $64.64 per share, or a total amount of $1.5 billion. In addition, the company expects to realize a number of corporate governance and other benefits from the transaction.
Potter Anderson advised the special committee of Constellation Brands on the deal. The team included partners Myron Steele, Mark Morton and Alyssa Ronan and associate Garrett Lyons.