Australia: Federal Court rejected Lion Nathan’s final legal bid to support its failed AU$420 million takeover of Coopers Brewery

Lion Nathan's final legal bid to shore up its failed AU$420 million takeover of Coopers Brewery was scuttled in court October 16, The Advertiser posted October 17. Lion argued a share buy-back in 2003 was out of order and it should have had the opportunity to buy Coopers shares.

Last year, the Federal Court disagreed and the decision was backed up by the Full Court of the Federal Court on October 16. Lion is unlikely to take the matter to the High Court.

Coopers chairman and marketing director Glenn Cooper said October 16 the company could now focus on growing its business.

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