25 November, 2005

Australia: Coopers doesn’t accept the new bid of Lion Nathan

Coopers Brewery announced that it had rejected an increased A$420 million ($311 million) bid for the company from Lion Nathan Ltd which is the Australia's second-largest brewer, Reuters reported on November 23.

Tim Cooper, Coopers Managing Director stated although the increased offer was within a range set by an independent expert, it did not address a number of issues, including Coopers' future growth prospects.

He said the offer also remained highly conditional. Lion Nathan this week raised its bid for the unlisted South Australian brewer to A$310 a share from A$260 a share.

Shares in Lion Nathan, 46 percent owned by Japan's Kirin Brewery Co. (2503.T: Quote, Profile, Research), closed steady at A$7.38 in a wider market down 0.1 percent on Wednesday.

$1=A$1.35

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