Lion Nathan okays Kirin bid

Lion Nathan Ltd's board has reiterated its unanimous endorsement for Japanese food and beverage firm Kirin Holdings Company's offer to buy the remainder of shares in the Trans-Tasman brewer.

Lion Nathan chairman Geoff Ricketts told shareholders as they gathered in Sydney to vote on the deal that it was fair and reasonable and that no alternative proposal had emerged.

He described Lion Nathan as a fantastic business "and the independent directors believe that shareholders have now received an offer that fairly reflects this achievement".

Lion Nathan signed an agreement in May to implement a scheme of arrangement enabling Kirin to acquire the remaining 53.87 per cent of Lion Nathan shares that it does not already own for A$12.22 per share.

The deal valued Lion Nathan at about A$6.5 billion on an equity basis, and A$8.2 billion on an enterprise basis, which includes debt.

For the deal to succeed, it requires at least 75 per cent support from non-Kirin shareholders of Lion Nathan.

Before the voting began, proxies had been received for about 170.54 million shares with 166.28 million in favour, Lion Nathan said in a statement to the Australian stock exchange.

- AAP