Lion Nathan shareholders approve Kirin's takeover bid

Beverage maker Lion Nathan will be acquired by Japanese brewer Kirin, after shareholders today voted overwhelmingly in favour of the sale.

Kirin will pay $12 for each share in Lion Nathan the company does not already own. The deal values Lion Nathan at $8.3 billion on an enterprise value basis, the company told the ASX.

Nearly 92% of non-Kirin shareholders, holding 98.75% of the voting power, voted in favour of the merger.

The merged company will be the biggest single supplier to Australia’s supermarkets, with brands including Tooheys, Hahn and XXXX.