Australia: Lion Nathan asks from Coopers considering independent expert's view on Lion's $310 per share offer
Lon Nathan called the Adelaide-based company to seek an independent expert's view on Lion's $310 per share offer , Asia Pulse reported on December 9.
Rob Murray, Lion Nathan’s chief executive said it was normal practice in a takeover battle for the target company to get an update from an independent expert when the offer had been raised and key conditions met or removed. "Given the lack of independent advice coming from the Coopers boardroom, this would at least provide some independent perspective for Coopers shareholders to consider," Mr Murray said.
"Naturally shareholders listen to the advice of their board in these situations and we are very concerned that the Coopers board may not be carrying out their duties to act in the interests of all shareholders by providing independent, non-partisan advice," he stated.
Mr Murray also repeated calls for an independent sub-committee to be established to advise minority shareholders on the effect on value and liquidity if Lion Nathan is barred from buying shares in Coopers.
On December 8, Coopers' 117 shareholders voted in favour of a $260 a share buyback of 15 per cent of shares ahead of a crucial meeting next week that will determine the fate of Lion Nathan's A$420 million (US$315 million) hostile takeover bid.
At an extraordinary general meeting on December 14, Coopers shareholders will vote on amendments to the company's constitution. If shareholders holding 75 % of Coopers shares vote in favour of removing Lion Nathan's pre-emptive rights to buy Coopers shares, Lion Nathan's bid will actually end.
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