From The Age on May 31:
The announcement from Lion Nathan to the stock exchange is hereLion's retreat
COOPERS' top brewer Tim Cooper will be raising a frothy bottle or two of his favourite beer to his lips in celebration of the formal ending of Lion Nathan's botched takeover.
The animosity between the two camps turned the $410 million fight for control of South Australia's favourite brewery into a bitter battle (excuse the pun). A low-key ASX announcement signalled that Lion Nathan had officially ended its takeover bid, which has cost the company more than $5 million so far.
The costs may rise as several court cases are still pending from the takeover — leaving Lion Nathan with nothing but a very expensive hangover.
There was also a High Court decision in relation to this, about which Coopers has an announcement on its website.
For Immediate Release
2 June, 2006
COOPERS WELCOMES HIGH COURT DECISION
Adelaide-based Coopers Brewery has welcomed a decision by the High Court of Australia that effectively removes Lion Nathan’s overhanging legal challenge over Coopers’ constitution.
The High Court of Australia today refused the application by Lion Nathan for special leave to appeal against the Supreme Court of South Australia’s earlier decisions, which had confirmed the right of Coopers shareholders to determine whether to remove Lion Nathan's preferred status from the constitution.
Following the Supreme Court decisions in September and October 2005, Coopers shareholders in December voted overwhelmingly to remove any opportunity for Lion Nathan to obtain a shareholding in Coopers.
Coopers Managing Director Dr Tim Cooper said the High Court decision, the latest in a series of losses in court by Lion Nathan, effectively brought an end to the flurry of litigation initiated by Lion Nathan during its hostile, but ultimately unsuccessful, bid for a stake in Coopers.
“This decision by the High Court effectively closes the legal avenue for Lion Nathan, or another brewer, to take over Coopers unless they have the support of more than 75% of our shareholders. And our shareholders have already made it abundantly clear where their loyalties remain,†Dr Cooper said.
