AUS: Lion continues to fight Coopers ruling
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.
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 appointed a new non-executive director....
Coopers Brewery is fighting the takeover attempt from fellow Australian brewer Lion Nathan....
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....
- Most Valuable Spirits Brands in 2017 - The facts
- Most Valuable Beer Brands in 2017 - The facts
- What the future looks like for Australian wine
- Interview, Fever-Tree's founders
- Has the politics of M&A changed? - Analysis
- Coca-Cola Co announces senior executive shake-up
- Heineken sees Tesco pull SKUs in UK
- Fever-Tree eyes bumper NPD, pack formats for 2017
- Diageo ready to lock horns with AB InBev in Africa
- Heineken mulls M&A with $1.75bn notes issue
- Central and East Europe Report Package
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Global vodka insights - market forecasts, product innovation and consumer trends
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Global liqueurs insights - market forecasts, product innovation and consumer trends research