Australian beer and wine group, Lion Nathan Ltd, is to make an offer for the shares it does not already own in Banksia Wines, at A$1.27 in cash per share. The group already owns 84.4% of the company. The total value of the offer for the outstanding shares is around A$12.5m.

However, Lion Nathan said that it did not intend to increase the offer price "under any circumstances". Having had the offer assessed by an expert, the independent directors of Banksia said they considered the offer to be fair and reasonable.

"We believe that Lion's offer provides an excellent outcome and is in the best interests of Banksia's shareholders," said Banksia chairman, John Lamb. "As an unlisted company, Banksia is an illiquid investment and Lion is providing Banksia's shareholders with an exit mechanism at an attractive price."