Coopers Brewery has formally rejected Lion Nathan's revised A$420m (US$309.8m) takeover bid.

Tim Cooper, managing director of the family-owned brewer, said the higher bid still did not address Coopers' future growth prospects, while the offer remained highly conditional.

Lion upped its offer from A$260 to A$310 a share on Monday (21 November) and said it expected the Coopers board to endorse the bid.

The revised offer is above the midpoint of an independent expert valuation of Coopers shares at A$284 to A$320 each.

Coopers said in a supplementary target statement that it advised shareholders to reject Lion's offer because it did not "adequately reflect the future prospects and potential long-term value of Coopers".

The Coopers board said the company's performance had been outstanding under its current management and the company continued to invest in future growth.

Lion's offer did not reflect full control value, potential synergies or the strategic value of Coopers, the company added.