Lion Nathan's independent board committee has agreed key terms under which Kirin, Japan's largest diversified drinks conglomerate, will acquire the 54% of the Australian company it does not already own for $2.5 billion in cash, the two parties announced yesterday. Kirin will fund the acquisition from existing cash balances and its usual lenders.
The price amounts to A$12.22 $8.72 per share, which represents a premium of 47.1% to Lion Nathan's closing share price of A$8.31 on the Australian Securities Exchange on April 22 a 52.9% premium to the volume-weighted average price VWAP of A$7.99 in the month leading up to that date and a 48.9% premium to the three-month VWAP of A$8.20.
The...
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