They lost out to Diageo from the UK
Late in 2004, Diageo snatched the prestigious Chalone Wine Group from what appeared to be a done deal with an international partnership led by Domaines Barons de Rothschild (DBR) and including Constellation (the world's largest wine company) and the Huneeus family of Chile. At the last minute, Diageo raised the financial stakes and took Chalone away for a tidy $260 million.
https://www.thefreelibrary.com/Ray+Chadwick%3A+Diageo%27s+man+in+California-a0137784220