Lion Nathan has asked Australia's takeovers watchdog to postpone next week's crucial meeting of shareholders of Coopers Brewery.

Lion yesterday (21 November) tabled an increased offer worth A$420m (US$307.5m) for Coopers but is concerned an EGM for shareholders on 29 November could effectively end its bid.

At the meeting, Coopers shareholders will be asked to vote on a resolution removing Lion's pre-emptive rights to buy Coopers shares under its constitution.

The Takeovers Panel said it had received an application from Lion seeking an order from the panel to postpone or adjourn the EGM.

Lion argued that Coopers' target statement contained misleading information and that changing the Coopers constitution constituted an action frustrating its bid.

The Australian beer and wine giant wants the EGM to be postponed or adjourned until "corrective" information is put to Coopers shareholders.