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Lion Nathan, Australia's second-biggest liquor group, won't proceed with a bid for privately held New Zealand alcoholic drinks group Independent Liquor Ltd, the Australian Financial Review said today.
Lion Nathan has pulled out of the bidding after two private equity bidders sweetened their offers for Independent, pushing the price tag up to as much as A$1.15 billion ($1.33 billion), the paper said.
Private equity firm CCMP Capital Advisors was battling a joint venture between Pacific Equity Partners and Nikko Principal Investments as talks continued over the weekend to try and secure an agreement by Monday, the report said.
Independent Liquor, put up for sale after founder Michael Erceg died in a helicopter crash, offers products including ready-to-drink Woodstock Bourbon & Cola and Kristov Vodka Cruisers and makes Haagen beer.
Lion Nathan, 46 per cent owned by Japan's Kirin Brewery Co, owns beer brands Lion Red, Steinlager and Stella Artois.
- REUTERS
