By Andrew Starke
The Foreign Investment Review Board has cleared Kirin Holdings’ bid to become the whole owner of Lion Nathan.
The regulatory approval follows the April announcement by the board of Australia’s second largest brewer that Kirin Holdings, its majority shareholder, would acquire the remaining 54 per cent of the company it does not already own.
The two companies have entered into an implementation agreement with shareholders set to decide whether the deal goes ahead at a scheme of arrangement meeting scheduled for September or October.
Lion Nathan’s board unanimously backed the scheme, but it also needs approval from 75 per cent of shareholders.
Lion Nathan’s share price was $11.50 at 4:00pm today (Jun 21), the same price they were trading at seven days ago.