COOPERS STOCKHOLDERS DEMAND MORE TIME

Australia’s Cooper Brewery will postpone one of their voting sessions until late next week claiming they need more time to review information regarding Lion Nathan’s preemptive takeover. The Takeovers Panel determined late Monday night that a voting session set to determine Lion Nathan’s rights over Coopers shares will be delayed until next week although a date is yet to be scheduled. Lion Nathan’s rights entitle it to be offered shares that come up for sale after they are first presented to already existing shareholders, and include an exemption from a rule in the Coopers constitution that prevents the sale of shares to a competitor. Without these rights Lion Nathan will likely end their bid. Lion Nathan Chief Rob Murray maintains that “clearly the best option for shareholder liquidity at a full market price, both now and in the future, is for Lion Nathan to retain its ability to purchase Coopers shares.”