17 March, 2006

Australia: Lion Nathan not intending to extend bid Coopers

The brewing and wine group Lion Nathan Ltd stated it will not extend its current 420 million AUD bid for privately-held Coopers Brewery Ltd after gaining just 0.7 % of the South Australian brewer, AFX reported on March 3.But Lion Nathan, 46 %-owned by Japan's Kirin Brewery Co Ltd, said it is planning to continue legal action that may allow it to make another offer for the company largely owned by family members.

The bidder's attempt to gain control of the maker of premium beer was frustrated by Coopers' 117 shareholders voting to strip Lion Nathan's pre-emptive rights to buy shares in the firm. Analysts said Lion Nathan's withdrawal has raised the possibility of the company instead pursuing capital management initiatives.

Credit Suisse stated in a research report last week that Lion Nathan has the balance sheet capacity to conduct at least a 10 % share buyback, suggesting that such a move could allow Kirin to take majority control by not participating.

1 USD = 1.35 AUD

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