Australia: Coopers’ shareholders to vote the buyback plan at an extraordinary general meeting
Lion Nathan has urged once again the shareholders of Coopers to keep their options open when they vote on the share buyback plan at extraordinary general meeting of December 7, APP communicated on December 6.
Mr. Rob Murray, the Lion Nathan’s chief executive stated that the best outcome for shareholder liquidity at a full market price is for Lion Nathan to retain its ability to purchase Coopers shares.
"We believe that aboard acting in the interests of all shareholders would make that clear to shareholders in advance of next week's EGM. That said, given that shares were trading at $45.01 just one year ago, we expect those seeking to sell their shares would want to keep all of the options on the table." Mr Murray said.
The South Australian-based Coopers, which is an unlisted public company, has 117 shareholders mostly related to the founder Thomas Cooper, and is resisting Lion Nathan's offer of $310 per Coopers share. In the takeover fight between the two breweries, Coopers managing director Dr Tim Cooper on December 6 accused Lion Nathan of being a schoolyard bully.
Dr Tim Cooper stated Lion Nathan had not been prepared to let Coopers shareholders vote on whether they want the trans-Tasman brewer to have a special position on the Coopers' share register. Dr Cooper said Lion Nathan had not been upfront with his shareholders, first offering the Coopers board $220 per share before announcing its takeover bid and setting the price at $260 and then increasing it to the current $310 per share.
"Lion Nathan has still not said whether its latest price is its best and final offer," Dr Cooper said.
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