Lion Nathan has told shareholders of takeover target Coopers Brewery that it is looking at ways for those shareholders to accept its takeover bid regardless of a recent Supreme Court ruling.

At the beginning of September, Lion Nathan launched a hostile takeover bid for Coopers, which has subsequently been dragged through a number of court actions.

Most recently, the Supreme Court of South Australia sided with Coopers in its argument that there had been a change of ownership at Lion Nathan which meant Coopers no longer needed the consent of Lion Nathan to remove Lion's third-tier pre-emptive rights to Coopers' shares.

On Friday (21 October) Lion sent out a second supplementary bidder's statement to Coopers' 117 shareholders detailing the Supreme Court decision. However, the statement also reminded shareholders that in order to remove Lion's third-tier pre-emptive rights, a special resolution needed to be approved by Coopers shareholders at an extraordinary meeting.

It then went on to add that there were other legal proceedings afoot which "seek orders to the effect that the resolution proposed by Coopers at the EGM cannot bind shareholders who do not wish to be bound, and may in any case be oppressive and unlawful."

In particular, in the first Victorian Federal Court, Lion Nathan is seeking an order that would allow those members of Coopers who still wish to sell their shares to Lion to do so.

Earlier this month the Federal Court in Melbourne granted an injunction preventing Coopers Brewery from holding the extraordinary general meeting aimed at removing Lion Nathan's pre-emptive rights.

Coopers is believed to be planning to hold a new EGM around the middle of November, after the release of its target's statement officially responding to the takeover bid.