Brewer Lion Nathan’s Ltd
(ASX:LNN) board has unanimously recommended that shareholders vote in favour of Japan’s Kirin Holdings takeover offer.
Chairman Geoff Ricketts told shareholders at a meeting to vote on the offer today, that the company believes the offer to be fair and reasonable and in the best interests of shareholders.
In May Lion signed an agreement to implement a scheme of arrangement allowing Kirin to acquire the remaining 53.87 per cent of Lion it doesn’t already own at $12.22 a share.
The Australian Associated Press says the deal values Lion Nathan at $6.5 billion on an equity basis, and $8.2 billion on an enterprise basis.
The deal requires at least 75 per cent support from non-Kirin shareholders of Lion Nathan at the Scheme meeting today.
Lion Nathan’s 2008 net profit fell slightly from the year before.
