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M&a - Lion Nathan Case Study

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Prepare a brief chronology of the key events that occurred during this takeover offer. Sep 1, 2005 Lion Made offical offer to take offer cooper offering $260/share for cooper shares Sept 1, 2005 Cooper board of director going to meet and discuss this offer, no action should be taken at this time. Sept 06, 2005 Board of Director of Cooper recommend shareholder should reject the offer Takeover panel review Sept 1, 2005 appeal by Cooper about Lion offer that does not explain the preemptive right. Panel ask Lion to make a join letter to explain the preemptive right Sept 09, 2005 appeal by Lion appealing that Cooper explanation of fair value in the statement of Cooper articles is misleading Sept 21, 2005 Coopers convened an EGM for shareholders by sending notice of meeting and explanatory memorandum to vote out Lion Nathan pre-emptive right from Cooper constitution. Sept 27, 2005 Lion Nathan commenced proceeding in Federal court against cooper, explaining that the explanatory memorandum is misleading October 11, 2005 Injunction was given against Cooper from holding EGM until bidder statement is out to give enough information to shareholder October 10, 2005 Lion Nathan bidder statement comes out. Offering $260 per share of Cooper under several conditions October 19, 2005 Full court of the Supreme Court in Adelaide reject Lion Nathan appeal on Sept 2 decision by Justice Perry. Cooper can hold an EGM to vote out Lion Nathan from its pre-emptive right November 15, 2005 Cooper target statement is out explaining why shareholder has to reject Lion bid. Cooper announce share buyback to its shareholders November 21, 2005 Lion Nathan increases its bid offer to $310 Australian dollar per share for the total of $410 million for the company. Lion also ask Cooper shareholder to vote out Share buybacks and reject the idea to vote…...

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