06 September, 2005

Australia: Coopers Brewery's board unanimously rejects Lion Nathan’s bid

Australian takeover target Coopers Brewery announced on August 6 that its directors unanimously rejected a hostile A$352 million ($271 million) bid from Australia's second-largest brewer Lion Nathan Ltd, according to Associated Press. Lion Nathan, 46 % owned by Japan's Kirin Brewery Co, offered A$260 a share for unlisted South Australian-based Cooperswhose brands include Coopers Original Pale Ale and Coopers Sparkling Ale.

"It is the unanimous recommendation of the board to reject the opportunistic Lion Nathan offer. The board strongly advises shareholders to take no action," a Coopers spokesman said at the end of board meeting. Lion Nathan is being advised by the Caliburn Partnership and legal firm Mallesons Stephen Jaques.

Family-owned Coopers, which has about 117 shareholders, has hired N.M. Rothschild & Sons (Australia), with Piper Alderman as its legal adviser.

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