Australian: Lion Nathan’s statement: “Shareholders will be arbiters on bid acceptance”
Shareholders will be the real arbiters of Lion Nathan’s proposed offer for Coopers Brewery Ltd (Coopers,) notwithstanding the decision of September 6 by the Coopers board to recommend the rejection of the proposed offer of A$260 per share from Lion Nathan Ltd (Lion Nathan).
Lion Nathan CEO Rob Murray said: “The fact is that Coopers shareholders still have the opportunity to fully consider our compelling offer and take steps to accept it if they so wish. We believe this is really a matter for the shareholders to decide”.
“The main benefits of our proposed offer, as we see it are twofold. Firstly, for the shareholders themselves, we believe at A$260 per share the proposed offer is compelling. It’s at a significant premium to the A$45.01 shareholders were offered in the 2003 buyback.”
“Secondly, the offer reinforces Lion Nathan’s already significant commitment to South Australia and provides a range of exciting opportunities to grow the Coopers business nationally as a part of the Lion Nathan national brand portfolio. We believe that any level of shareholding will prove a sound investment in a great South Australian company”.
Mr Murray said also that Lion Nathan would press on with the appeal against the decision in the South Australian Supreme Court in respect of the pre-emptive rights it acquired.
“If the Coopers Board prevails, and the Coopers themselves have stated publicly that they believe that defending against Lion Nathan will fend off all future bidders for the company, the stock will remain illiquid with little opportunity to realise fair value for those shareholders who want or need to,” he said.
Mr Murray said: “Lion Nathan will continue to pursue our action to unwind the unlawful 2003 buyback with full vigour so that those shareholders disadvantaged at least have the opportunity to consider our proposed offer.”
“We understand that an action is being initiated by a shareholder concerning alleged misleading and deceptive conduct by Coopers at the time of the buy-back, with the aim of unwinding the buyback. We also understand that there are other shareholders who sold into the buy-back considering their legal options,” he continued.
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