Victory (?)

[undercover1]

from today's Age...

The fate of Lion Nathan's $420 million hostile takeover bid for Coopers Brewery is in serious doubt following an extraordinary general meeting of Coopers shareholders. Coopers shareholders voted strongly in favour of a resolution to change the company's constitution and remove Lion Nathan's pre-emptive right to buy Coopers shares.
Coopers chairman Glenn Cooper said 93.4 per cent of shareholders had voted in favour of the resolution.

The outcome effectively ends the trans-Tasman's predator's bid.

Lion Nathan, which is yet to comment on the implications of the vote, had offered shareholders $310 for each Coopers share.
Lion Nathan says it's hostile $420 million takeover offer for Coopers Brewery will remain open even the target's shareholders vote effectively scuttled its bid."Our offer will remain open and in the event that our rights are reinstated we will put our case to shareholders again," said chief executive Rob Murray.
Mr Murray said the decision was disappointing, even though it was expected. "It is extraordinary in this day and age that a constitution of a public company can be used to restrain a significant minority of shareholders from selling their shares at the best available price," he said.

Lion Nathan shares were up 13 cents at $7.35 at 1238 AEDT.

so that may well be the end of that...watch this space.

[gregb]

I'll make sure I have a couple tommorrow to celebrate.

Cheers,
Greg

[Oliver]

93.4% of Coopers shareholders can't be wrong, surely.

But it seems there will be long-term ramifications from this whole sorry saga, mainly centring around the conduct of the board (both in the past and to do with the takeover) and legal action by former shareholders who sold out for $45 a share a year or so ago (only to have LN offer $310 a share).

I won't go into boring details here, but there have been previous posts about it. Or do a Google news search.

Oliver

[tyrone]

It is good to see a majorority ruled by the majority for the good of the majority for a change in stead of a majority ruled by a few for the good of a minority as is the polictial case.

[tyrone]

Sorry about that as I have a insiders veiw of fosters takeover of austhotel and watched good go to bad and the corprate kings find one excuse after another to explain their poof fiscal performance.There is no excuse for bad managment!