Foster’s rejects SABMiller offer
Business Day - Jun 21st 2011, 12:42
Foster’s Group on Tuesday rejected a non-binding, conditional proposal from the world’s second-largest brewer, SABMiller .
The offer was worth A$4.90 a share, or A$9,5bn ($10,1bn), which represented a significant premium of 14.5% to the trading price of Foster’s of A$4.28 as at 2 June 2011.
"The board of Foster’s believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it," Foster’s said in a statement.
"We continue to believe that the proposal price is attractive and offers good value to Foster’s shareholders. SABMiller can conclude a transaction quickly and will continue to seek engagement with the Board of Foster’s to put an agreed proposal to Foster’s shareholders," SABMiller Chief Executive Officer Mr. Graham Mackay said in a statement.
SABMiller says it sent the offer to the Chairman of Foster’s on 20 June 2011 with the objective of reaching agreement on the implementation of a scheme of arrangement.
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