Montana prepares for next move in share row

By FRAN O'SULLIVAN

Montana's independent directors will today spell out their next steps in the Lion Nathan default row.

Montana deputy chairman Barry Neville-White would not comment until after a formal statement is issued at lunchtime. The directors have taken legal advice on the degree to which they should punish Lion Nathan for jumping the gun on its share-buying.

British firm Allied Domecq wants the independent directors to strip Lion Nathan of its 62 per cent Montana holding. Lion Nathan and Allied Domecq have flirted with the notion of forming a commercial settlement to their takeover battle. But there have been no discussions on this for about three weeks.