AUS: Coopers EGM restrained
Coopers Brewery has had its EGM, scheduled to take place tomorrow (29 November), put on hold by the Australian Takeovers Panel.
"The panel advised it would have no objection to the EGM being held in conjunction with the further EGM (Buy-back EGM) proposed for 7 December, provided Coopers issues a corrective statement, approved by the panel, giving Coopers shareholders sufficient time to consider the corrective statement before the Constitution EGM," the panel said.
The panel added that it had not made an order to block Coopers AGM - also due for tomorrow - from taking place.
The interim order is in response to Lion Nathan's application in relation its takeover bid for the family-run Coopers.
The EGM was called to vote on removing Lion's pre-emptive right to buy shares in Cooper. Changing the Coopers Constitution in this way would effectively prevent Lion's bid from proceeding, the Trans-Tasman beer and wine group has argued.
"The panel considered that the targets statement given by Coopers on 15 November contains materially misleading information which requires correction," the panel added.
"The misleading information related to representations in the targets statement as to: increases in the value of Coopers shares; the control value of Coopers shares; and the value of synergies available to Lion Nathan under its bid for Coopers."
The panel concluded that it will discuss the details of the corrective statements required with the parties in the near future.
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