Lion acquires Australian brewer Little World Beverages for A$382 million
19 Jun 2012
Lion Brewery, a wholly-owned Australian subsidiary of Japanese brewer Kirin Holdings Co Ltd, has agreed to acquire Little World Beverages, owner of 'Little Creature' brand of beer, for approximately A$382 million.
Lion already holds around 36-per cent stake in the Fremantle, Western Australia-based boutique brewer founded in 2000.
Under the terms of the deal, Little World Beverages shareholders will get A$5.30 per share in cash, subject to successful implementation of the scheme. The offer values Little World at around A$382 million, Lion said in a statement.
The offer price represents a 40-per cent premium to the closing price of A$3.79 of Little World Beverages' shares on 15 June, on the Australian Stock Exchange (ASX).
Further to the announcement of the deal, shares in Little World Brewers shot up 36 per cent to close at A$5.16 yesterday on the ASX.
The proposed scheme will be implemented subject to approvals from the ASX and Foreign Investment Review Board, as well as consent of the shareholders of Little World and other customary closing conditions, Lion said.
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