The Sands Family in its agreement with Constellation Brands to reclassify the Company’s common stock

On June 30, 2022, 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 shareholders for approval, a proposal to eliminate the company’s Class B common stock. The proposed transaction 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 of Class B common stock, or a total amount of $1.5 billion.  Wachtell, Lipton, Rosen & Katz served as legal advisor to the Sands Family.