Montana battle lines redrawn

By Phil Boeyen, ShareChat Business News Editor

Tuesday 15th May 2001

Allied Domecq has grabbed a strategic holding in Montana (NZSE: MON), reaching its goal of 10% of the company.

Allied managed to reach the level this morning with an off-market trade of 7.2 million Montana shares at a price of $4.80 - 25 cents above last Friday's market stand.

The shares, valued at $34.56 million, were bought from Masfen Holdings, the holding company of Montana chairman Peter Masfen. Mr Masfen's stake now stands at 16.29% from 19.95% previously.

Allied Domecq spokeswoman, Jane Mussared, says the company is delighted to have gained its 10% stake but wouldn't say if the company is continuing to buy shares on market.

"We are waiting to see what happens today," she says.

Lion Nathan (NZSE: LNN) yesterday announced it owned 52% of Montana and was planning to buy another 5%.

It also increased the amount it was prepared to pay for the shares, extending its range to between $4.65 and $5.05 compared to its previous restricted transfer notice of between $3.95 and $4.70.

Lion has previously described Allied's attempt to gain the 10% stake as unwelcome.

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