Magnotta family withdraws plan to take winery private

Magnotta Winery Corp. says the Magnotta family has withdrawn plans to take the business private, due to the number of objections received from minority shareholders ahead of a vote that was to be held today. The company said the proposed going-private transaction announced Feb. 6, in which Gabriele and Rossana Magnotta, who hold 60.5 per cent of the wine maker's outstanding shares, were to acquire all of the outstanding shares of the company at $2.37 a share, won't proceed. Magnotta said the deal, valued at about $19.9-million, collapsed because more than 5 per cent of shareholders objected to the plan in proxies filed ahead of the meeting to vote on the plan. MGN (TX) fell 3 cents to $2.36. CP