AUSTRALIA: Lion Nathan extends Banksia bid

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Lion Nathan has extended its takeover bid for Banksia Wines Ltd to December 17 and has said it is now entitled to 50.9% of Banksia. Having won acceptance from key stakeholders, Lion Nathan is offering A$1.12 cash for each Banksia share. However, UK drinks giant will be the biggest hurdle to Lion acquiring 100% of the company.  Allied Domecq, which acquired a 14.9% share of Banksia, said last week that it does not intend selling the stake because it wants to protect its distribution deal with Banksia.

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