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Australia: Coopers’ management believes shareholders will vote against Lion Nathan’s bid
Coopers Brewery’s management is confident that an extraordinary meeting of shareholders will vote against a takeover bid by Lion Nathan, ABC Australia announced on November 20.
The Federal Court ruled on Friday to allow the meeting to go ahead, in about eight days' time. Lion Nathan is offering $260 per share, against an independent valuation of $190.
If 75 %of Coopers' shareholders vote against the buy-out, it will be formally rejected. But the brewery's managing director Tim Cooper says a takeover would be bad for the company.
"I think the vast majority of the shareholders don't want to have anything to do with Lion Nathan," he said. It doesn't matter what they're being offered, most of them have got their shares by inheritance, but they really don't think the culture of Lion Nathan fits with us.
"It's a different type of brewing company, we're based on niche marketing, producing very nice, different beers, which the public appreciate." In a separate action Lion Nathan has sought leave to appeal to the High Court in an effort to nullify the outcome of the shareholder meeting.
Mr Cooper says he doubts Lion Nathan will succeed: "Despite four justices of the Supreme Court deciding against them, they now feel that they've got the duty in their eyes to go to the High Court," he said.
"But of course the High Court really only want to consider issues that they think are of legal importance and it's hard to know whether the Coopers constitution would be relevant for the High Court."
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