Coopers launch buybacks

Coopers Brewery is reported to have launched a A$53 million ($57.1 million) share buyback in an attempt to head off Lion Nathan's hostile A$352 million takeover offer.

In a letter to its 117 shareholders, Coopers has matched the A$260-a-share bid from Lion Nathan for up to 15 per cent of the issued stock.

The Coopers board expects the offer will be more than sufficient to accommodate shareholders wanting to cash out of their investments, including 11 who have already provided pre-bid acceptances for 10.6 per cent of the company.