It’s over – for the time being

In December 2005, Coopers’ shareholders voted overwhelmingly to remove Lion Nathan’s pre-emptive right to buy shares in the company, thus effectively barring Lion Nathan from its door. Nevertheless, Lion Nathan has announced since that it would extend its AUD 420 million (USD 317 million) hostile takeover offer for Coopers Brewery until 20 March 2006.

At the same time Lion Nathan is pursuing legal action to reverse the Coopers shareholders’ decision and keep the takeover bid alive. Lion Nathan might even contest the Supreme Court decision which had opened the door for Coopers to remove Lion’s share-purchase rights. Coopers is an unlisted public company with 117 shareholders mostly related to founder Thomas Cooper and has resisted Lion Nathan’s offer since the bid was launched in September 2005.

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