Lion Nathan looking to raise capital for Liquor bid

Trans-Tasman brewer Lion Nathan is reported to be considering issuing a hybrid equity instrument to help fund a A$1 billion ($1.15 billion) bid for New Zealand drinks group, Independent Liquor.

Lion Nathan was one of an initial six bidders which had expressed interest in the A$1.2 billion ($1.4 billion) business.

Investment bank UBS, which is running the sale process, said in August it expected to have announced a buyer by Christmas.

The deadline for bids for Independent has been set for midday tomorrow, and it is expected that private equity firm CCMP Capital and a consortium comprising two other private equity operators, Pacific Equity Partners and Nikko Principal Investments, also submit bids for the business.

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