Australia: Lion Nathan extended its takeover offer for Coopers for March

Lion Nathan Ltd announced on January 12 the extension of its troubled A$420 million (US$316.72 million) hostile takeover offer for Coopers Brewery Ltd to March, Asia Pulse posted on January 12.

The takeover offer remains open even though Coopers shareholders voted in mid-December to alter the company's constitution to remove Lion Nathan's pre-emptive right to buy Coopers shares - a move which Lion Nathan had said would effectively kill the bid.

But Lion Nathan managing director Rob Murray said in late December that Lion Nathan was pursuing legal action to reverse the Coopers shareholders' decision and keep the takeover bid alive. Lion Nathan today extended the offer period from January 20 to March 20.

Lion Nathan said that it had received transfer notices from Coopers shareholders in respect of 23,369 Coopers shares.

Coopers - an unlisted public company with 117 shareholders mostly related to founder Thomas Cooper - has resisted Lion Nathan's offer since the bid was launched in September 2005.

Lion Nathan originally offered $260 per share for Coopers, increasing it to A$310 per share in November, valuing Coopers at A$420 million. Lion Nathan shares were one cent higher at A$7.61 on January 12 2006.

Lion Nathan brews and distributes around 900 million litres annually of its quality portfolio of beers in Australia and New Zealand. Its leading brands include Tooheys, XXXX, Hahn, Lion Red, Steinlager and Speight's. A number of these brands are also available outside their home market.

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