Allied Domecq has accepted an offer by Aussie drinks group Lion Nathan to buy all minority shareholdings in Banksia Wines.

The offer of A$1.27 per share will enable Lion Nathan to proceed to compulsory acquisition of all outstanding shares. Lion currently holds 84.4% of Banksia, while Allied Domecq’s stake is 14.9%.

Lion said in a statement: “Allied's acceptance takes Lion's relevant interest in Banksia to approximately 99.1% of the shares and means that the minimum acceptance condition in the offer has been satisfied. Accordingly, Lion's offer is now unconditional.”

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