Not another never ending story
In its effort to ward off a hostile bid by its rival Lion Nathan, the privately owned Coopers Brewery is reported to have launched a AUD 53 million (EUR 33 million) share buyback programme for up to 15 percent of its stock. This is an attempt by Coopers’ board to combat Lion Nathan’s hostile AUD 352 million takeover offer (EUR 220 million). In a letter to its 117 shareholders, Coopers is said to have proposed AUD 260-a-share to those shareholders wanting to sell their shares, thus equalling Lion Nathan’s offer. According to reports in the Australian media, Coopers believes that only a small minority of its shareholders will want to cash out of their investments, including a rumoured number of 11 shareholders who have already given pre-bid acceptances to Lion Nathan for 10.6 percent of the company.
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