US-based Constellation Brands Moves to Acquire Canadian Wine Giant Vincor International

has launched a hostile bid late Tuesday to acquire Canadian wine producer Vincor International Inc. for C$1.4 billion ($1.2 billion).

Reuters is reporting Vincor rejected the offer. But and this is a big but for Canadian wine fans Vincor's board said, "it would be open to considering a proposal that "accurately includes the company's prospects and reflects the vast synergies an acquirer would realize."

Constellation is reported to have offered $31 ($26.45) a share in cash for Vincor.

Vincor is North America's fourth-largest wine producer with 2,000 employees in British Columbia, Ontario, Quebec, New Brunswick, California, Washington state, Australia, New Zealand and South Africa.

Its brands include Inniskillin, Jackson-Triggs, R.H. Phillips, Amberley, Kim Crawford, Entre-Lacs and L'Ambiance.

Constellation Brands is a major international producer and marketer of wine, spirits and imported beer. Its well-known brands include Corona beers, Black Velvet spirits, 99 Schnapps, Effen Vodka, Robert Mondavi wines andd numerous other products. Last year, Constellation bought rival Robert Mondavi Corp.