Three Molson Brothers Making Bid To Purchase Canadiens
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Molson Family, Quebecor Media
Bidding For Canadiens |
Molson Coors Brewing Co. VP/Marketing Geoffrey Molson, Vice Chair Andrew Molson and their brother, Justin, confirmed yesterday that they have "made an offer to purchase the Canadiens, the Bell Centre and the Gillett Entertainment Group," according to Pat Hickey of the Montreal GAZETTE. Geoffrey Molson in a statement said, "We have assembled a very solid and credible group of investors and financial institutions as part of our offer. They are all dedicated to the long-term success of the Canadiens and have a strong presence in Quebec." Yesterday was the deadline for groups wishing to bid for the team, and the Molson family is reportedly "among six groups -- three from Quebec and three from the [U.S.] -- bidding for the team." Former Canadiens GM Serge Savard "withdrew from the bidding after the Molsons expressed their interest," and Savard said that he "saw the Molsons as the frontrunners." Savard, "referring to the fact Geoff Molson is on the boards of the Canadiens and Molson Coors," which currently owns almost 20% of the franchise, said of the family, "They're already on the inside." Meanwhile, Hickey notes the other "strong contender is Quebecor Media, which revealed some of the details of its bid yesterday." Quebecor Media Inc. President & CEO Pierre Karl Peladeau's bid "has the backing of the Fonds de solidarite FTQ and Feeling Productions, which is controlled by" Celine Dion's husband, Rene Angelil, while Caisse de depot et placement du Quebec, Quebec's provincial pension fund, "also has given its blessing to the bid" (Montreal GAZETTE, 6/11).
NOT ALL ABOUT MONEY: The GLOBE & MAIL's Gordon & Willis cite financial sources as indicating that each of the "three known bidders has already secured at least" $200M (all figures Canadian) in bank financing to "help push a deal through." The sources said that the Quebecor group is "expected to make the richest opening bid, in excess of" $420M, but added that a Molson family bid "could carry the day, even if it is closer to $400[M], given the family's long-standing NHL ties" and its Canadiens stake. Gordon & Willis note it is expected that brokerage firm BMO Nesbitt Burns "will shortly open an auction process among the top bidders." A source: "I'd imagine there will be a couple more rounds of bidding over the coming couple of weeks. That's certainly what we expect" (GLOBE & MAIL, 6/11).
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