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Lion Nathan is prepared to see Coopers Brewery vote in favour of removing its pre-emptive rights to Coopers' shares, according to media reports. The family-controlled brewer is set to vote on the matter at an EGM scheduled for Wednesday (14 December). If the vote goes in favour of removing the rights, then the A$310 per share bid would be effectively over.

Speaking to Reuters, a spokesperson for Lion Nathan said it would "most likely" lose the vote. The company still hopes, however, that legal action could still keep the bid alive. "If the resolution to remove our rights is passed on Wednesday, there remain processes in play which aim to protect our original position to purchase shares," the spokesperson told the news agency.

"If we were successful in protecting our rights, we would put our case to shareholders again," the spokesperson added.

Lion Nathan is pursuing a number of separate legal actions to maintain its rights, Reuters noted.


Sectors: Beer & cider, Wine

Companies: Lion Nathan

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