Lion Nathan (NZSE: LNN) is planning to start buying Montana (NZSE: MON) shares from the middle of next month and will pay between $3.20 and $3.80 a share.
Montana says it has received a restricted transfer notice from Lion seeking to buy shares in the wine maker up to a maximum of 51% with purchases starting on December 15th and expiring on July 1st next year.
Lion Nathan is currently awaiting a decision from the Commerce Commission on whether it would be allowed to buy all the shares in Montana. That decision is due at the end of next week.
Montana has set up a sub-committee of independent directors to respond to the restricted transfer notice, including commissioning an appraisal report which it plans to distribute to shareholders before Lion begins purchasing the shares.
Lion currently holds 28.2% of ordinary Montana shares.