Lion Nathan has extended its A$420m (US$317m) takeover bid for Coopers Brewery by two months.

Lion said today (12 January) the bid's closing date was being extended to from 20 January to 20 March.

The bid for Coopers looked to have been defeated last month when Coopers shareholders voted to strip Lion Nathan of its pre-emptive rights, effectively blocking it from buying any shares.

However, Lion chief executive Rob Murray has said legal action is under way that could keep the company's bid afloat.