Lion Nathan Takeover Bid of Coopers

[NTRabbit]

Hmmm...now Cooper's don't want to talk about it. From ABC online.

Takeover bid off the agenda at Coopers' AGM
South Australia's Coopers Brewery will ask its shareholders not to discuss Lion Nathan's hostile takeover bid at today's annual general meeting in Adelaide.
The company's annual report will be the only item on the agenda. Last financial year Coopers doubled its annual net profit to $14.3 million, which translated to a fully franked dividend of $3 per share. The company's directors say the result reflects the brand's strong position in Australia's premium beer market.
But a number of powerful shareholders are considering whether to sell millions of dollars worth of shares to Lion Nathan. Coopers had sought to scuttle the takeover bid by holding a vote on removing Lion Nathan from its constitution, but that was prevented by the Australian Takeovers Panel.
At today's meeting the board will refuse to answer questions on the issue in light of the panel's ruling. It says shareholders should wait until an extraordinary general meeting scheduled for December 7

Ordered not to talk about it by the Takeovers Panel. All the takeover talk is to be saved for the Extraordinary shareholders meeting being held in a week or so.

[undercover1]

From Coopers' side of the table, it may look like the other guy just blinked...from today Age:

Lion Nathan backs down on bid conditions
Brewer and winemaker Lion Nathan Ltd has waived two conditions in its takeover offer for Coopers Brewery Ltd in a bid to win over Coopers shareholders. Lion Nathan chief executive Rob Murray said the company had withdrawn a condition that it be allowed to appoint a representative to the Coopers board for every 15 per cent of the share capital it acquires.
In addition, it has waived a condition that "no occurrence or announcement that would be likely to have a material and adverse effect on Coopers". Mr Murray said the offer was now subject only to conditions that were standard regulatory conditions for such a transaction.
"It is now clearly in the best interests of all Coopers shareholders for the board of Coopers to recommend Lion Nathan's offer," Mr Murray said, "and accordingly recommend that shareholders vote against removing Lion Nathan's rights to buy shares in Coopers at any EGM (extraordinary general meeting)." He added that Lion Nathan's offer of $310 a share is substantially above all past pricing benchmarks for Coopers shares.
Coopers has vowed to continue to resist Lion Nathan's hostile $420 million offer, which will be voted on by Coopers shareholders at an EGM on December 7.
Shareholders of the South Australian brewer will vote on amendments to the Coopers constitution and on a proposed buyback of shares. If they vote in favour of removing Lion Nathan's pre-emptive rights to buy Coopers shares at next week's meeting, Lion Nathan's bid will be effectively ended.

[DarkFaerytale]

insightfull information there by dooogh17

[gregb]

Trashed 'im DF.

Cheers,
Greg