Business & Finance

Liquorland Exceeds 50% of Australian Liquor Group

May 24th, 2001

Liquorland (Australia) Pty Ltd, a Coles Myer company, today announced that it has obtained a relevant interest in 51.1% of the shares in Australian Liquor Group Ltd ("ALG") as a result of acceptances of its recommended $1.20 cash offer for the company.

A number of large shareholders have already accepted the Liquorland offer, including Philip Murphy in respect of his entire 17% interest in ALG.

Liquorland's $1.20 recommended cash offer for ALG shares is open until 15 June 2001 and is subject to a number of conditions, including Liquorland obtaining a relevant interest in at least 90% (by number) of ALG shares during or by the end of the offer period. Documentation relating to Liquorland's offer was sent to ALG shareholders on Monday 14 May 2001.

ALG's directors, including Philip Murphy, have unanimously recommended Liquorland's $1.20 cash offer to ALG shareholders and have indicated an intention to accept the offer in respect of their own shareholdings in ALG, in the absence of a higher offer