Bid for Lion endorsed

An independent expert's report has endorsed Japanese conglomerate Kirin Holdings' US$2.5 billion ($3.7 billion) buyout of Australasian brewer Lion Nathan.

Kirin is bidding to buy all the shares it does not already own in Lion Nathan - a 53 per cent stake - and has gained regulatory approvals in Australia and New Zealand.

Yesterday, Lion Nathan released the scheme's booklet, which contained a report from the independent expert, Lonergan Edwards & Associates, which concluded the scheme was "fair and reasonable and in the best interests of non-Kirin shareholders".

The scheme meeting is scheduled for September 17.