Lion extends bid for Coopers

Lion Nathan is extending its A$420 million ($457.25 million) takeover bid for unlisted Coopers Brewery by two months.

Lion Nathan said the bid's closing date was being extended to March 20 from January 20.

The bid for Coopers was derailed last month when Coopers shareholders voted to strip Lion Nathan of its pre-emptive rights, effectively blocking it from buying any shares.

But Lion Nathan chief executive Rob Murray has said legal action is under way which could allow the takeover to go ahead.