Trading in Montana shares suspended

12:00 PM

The Stock Exchange has suspended trading in Montana shares, following a bidding war by two potential buyers.

Brewer Lion Nathan which holds 28 per cent of the company is seeking to raise its holding to 51 per cent in an unconditional bid of $4.65 per share.

Meanwhile, Britain's Allied Domecq is seeking full ownership of Montana, offering $4.40 a share in a conditional bid.

A committee of Montana directors is meeting this morning to review their earlier recommendation in favour of Allied's bid, in the wake of the higher partial offer from Lion.

The Stock Exchange says as a result, there will be no trading in Montana securities until midday, pending an announcement by Montana.

- IRN