Coopers Brewery has launched a share buyback scheme in an attempt to thwart the takeover bid from Lion Nathan, according to press reports. The Sydney Morning Herald said today (8 November) that the family-owned brewer has launched a stock buyback at A$260 per share, matching the amount offered by Lion Nathan.

The newspaper said that Coopers' 117 shareholders will receive a letter this week, notifying them of the buyback of up to 15% of the issued capital as "part of the ongoing capital management policy being considered by directors".

The letter also confirms that the company will hold an extraordinary general meeting, the subject of a court case between the two Australian companies last month, to remove Lion Nathan's third-tier pre-emptive rights to acquire Coopers' shares, the paper added.