MELBOURNE - Transtasman brewer Lion Nathan has secured an injunction stopping takeover target Coopers Brewery from holding a shareholders' meeting later this month.
The meeting would have been held to consider a resolution removing Lion Nathan's pre-emptive rights to buy Coopers shares.
Lion Nathan has launched a A$352 million ($386
million) hostile takeover bid for Coopers at A$260 a share, which Coopers has rejected.
Federal Court Justice Alan Goldberg yesterday granted an injunction stopping the October 20 meeting of Coopers shareholders going ahead.
However, if Coopers promptly presented a more comprehensive explanatory memorandum to shareholders, the meeting may be able to proceed on October 20.
Under the Coopers constitution, Coopers shares up for sale must first be offered to another Coopers shareholder, secondly to AMP or any other Coopers employee superannuation fund and thirdly to Lion Nathan.
Lion Nathan argued that an injunction stopping the meeting should be granted because shareholders did not have sufficient information from Coopers on which to base their decision to support or reject the resolution.
- AAP
