Coopers Brewery is fighting the takeover attempt from fellow Australian brewer Lion Nathan.

The independent South Australian brewer has called on the Australian Takeovers Panel to intervene in the takeover attempt.

In a statement today, the Takeovers Panel said that it had received an application from Coopers Brewery Limited seeking "a declaration of unacceptable circumstances in relation to Lion Nathan's conduct under section 657A of the Corporations Act and final orders".

Coopers' application submits that a letter sent from Lion Nathan to Coopers' shareholders dated 1 September 2005 does not adequately explain that as a result of the pre-emptive rights which are contained in the Coopers' constitution, shareholders who wish to accept Lion Nathan's offer cannot do so without following the pre-emptive provisions of the Coopers' constitution and, as a result, may receive less than the price offered by Lion Nathan.

The Panel said it has received a preliminary submission from Lion Nathan in relation to the application but has not decided whether to conduct proceedings and makes no comment on the merits of the application.

The President of the Panel has appointed Braddon Jolley, Elizabeth Alexander and Susan Doyle as the sitting Panel to consider the application.