A report by appraisal experts Lonergan Edwards has endorsed a takeover proposal for the brewer Lion Nathan.
Japan's Kirin Holdings is offering $A12.20 a share for the 56% of the company it doesn't already own.
The report recommends shareholders accept the offer, which it says is fair and reasonable and in their best interests.
Lion Nathan's board has already recommended shareholders accept the offer.
A booklet sent to all shareholders says Kirin plans to combine all of its Australasian operations into a single structure, expected to be renamed Lion Nathan National Foods.
It says Kirin is not intending to make major changes or sell any parts of the Lion Nathan business.
Shareholders will vote on the takeover proposal on 17 September.
