Masfen jumps into Montana market

By Phil Boeyen, ShareChat Business News Editor

Monday 4th December 2000

The battle for Montana (NZSE: MON) is hotting up with the company's chairman, Peter Masfen, indicating an interest in taking majority control of the wine maker.

Brewer Lion Nathan (NZSE: LNN) is already a suitor for Montana, and is due to find out at the end of the week if it has Commerce Commission approval to take its holding to 100%. Its current stake is 28.2%.

Lion's restricted transfer notice said the company planned to start buying shares from December 15th, paying between $3.20 and $3.80 a share to take its holding to 51%. That notice has now been matched by Masfen Holdings, which also plans to bump up its stake to 51% in the same price range from its current 20%.

Masfen Holdings says its RTN is intended to occur between December 27th and July 1 next year, and the maximum number of shares which may be acquired is around 66.6 million.

Lion is awaiting an appraisal report on its restricted transfer notice commissioned by a sub-committee of independent Montana directors, which is scheduled for release on December 12th.

Montana shares have today been mostly trading 5 cents above the top of the range for both the Lion and Masfen bid, at $3.85.

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