Consortium Withdraws $280M Bid For Vodka Maker CEDC

Law360, New York (March 28, 2013, 8:08 PM EDT) -- A consortium led by one of the largest private investment firms in Russia and the makers of Stolichnaya vodka on Thursday withdrew its proposal to woo Polish vodka producer Central European Distribution Corp. into a prepackaged restructuring deal, according to the CEDC.

The move follows an exchange of letters between the boards of directors for CEDC and A1, a trading company of the Russian Alfa Group, earlier this week, in which the struggling Polish company rebuffed the deal, which would have offered $280 million in cash,...
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