9 Feb 2009

Lion Nathan surprise at Coke refusal

1:04 pm on 9 February 2009

Lion Nathan says it is surprised by a decision by The Coca-Cola Company to reject a takeover offer for a subsidiary company.

Lion Nathan says it thought significant progress was being made on a move to merge with Coca-Cola Amatil, after it made an offer of $A9.2 billion last November.

However, The Coca-Cola Company announced on Saturday it was stopping talks with Lion Nathan's parent company, Kirin Holdings.

Lion Nathan chief executive Rob Murray says it was a very attractive offer was made at a 30% premium in very challenging market conditions.

He says Lion Nathan has withdrawn its proposal and will now focus on its growth strategy.