AUSTRALIA: Coopers hits back at Lion Nathan
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.
After some less than successful diversification in recent years, Lion Nathan is focusing its attentions back on beer and winning the approval of analysts in the process. The company looks set to gain ...
Integrating spirits, wine and beer has proved problematic for major drinks groups over the years but expansionary moves by the two major Australian brewers, Foster's Group and Lion Nathan, suggest tha...
Lion Nathan has returned to court in its long-running battle with takeover target Coopers Brewery....
Lion Nathan has appointed a new non-executive director....
Lion Nathan today announced that it intends to make an off-market offer for Coopers Brewery Ltd (Coopers). The offer of A$260 per share in cash values Coopers at A$352m....
Lion Nathan has received further assurances that it is not about to be taken over....
Lion Nathan has played down speculation that it may be the subject of a takeover....
Lion Nathan has said it is on target to reach its full-year net profit after tax forecast for 2005 of between A$230m and A$235m before one-off charges....
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