By Ian Neuabuer

Lion Nathan announced today (May 11) it had signed an agreement to become a fully owned subsidiary of Kirin Holdings of Japan.

The agreement reflects the key commercial terms outlined in Kirin’s April 27 offer to acquire the 54 per cent of the shares Kirin does not already own for $12.22 per share.

Payment to existing shareholders will comprise of $11.50 cash and 72 cents in dividends from Lion Nathan, comprising of an interim dividend of 22 cents and a special dividend of 50 cents.

Including the franking benefits attached to the dividends, the offer has an estimated value of up to $12.37 per share for certain classes of shareholders.

A detailed 81-page report on the terms of the agreement has been posted by Lion Nathan on the Australian Securities Exchange. Shareholders should consult their stockbroker or financial adviser if they are uncertain about the impact on their portfolios.

Lion Nathan shares were trading at 11.71 at 2:00am today compared to $11.72 seven days ago.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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