AUS: Federal court approves Lion's Little World Beverages takeover
Lion is set to take 100% ownership of its subsidiary Little World
Lion's full takeover of Little World Beverages looks set to go ahead after Australia's Federal Court approved the deal.
In an announcement to the Australian Securities Exchange today (19 September), Lion, which is owned by Kirin Holdings, said it will lodge the court papers with the Securities and Investment Commission, making the transaction "legally effective". Lion currently has a 36% stake in the brewer and the move, first announced in June, willl see it buy the remaining shares it does not already own.
Trading in Little World was suspended at the close today.
Shareholders of the Fremantle-based company, best known for its Little Creatures Brewery, also backed the deal in a vote on Monday. Under the deal, shareholders will get AUD5.10 (US$5.32) for each share held.
At the time the deal was announced, Lion said it valued Little World at AUD381.6m (US$386m), but no further financial details have been disclosed.
The deal is expected to complete by 8 October, according to the filing.
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