SABMiller make new offer for Foster’s

SABMiller make new offer for Foster’s

FMCG SUPPLIER NEWS

Aug 17th 2011, 08:40

SABMiller has made a new offer to acquire the Australian brewer after the original offer was rejected 

Global brewer SABMiller on Wednesday made a conditional, off-market, cash takeover offer for Foster’s Group Limited at A$4.90 per share.

SABMiller says the offer will extend to all the partly paid ordinary shares in Foster’s.

"The price under the offer for each partly paid ordinary share will be A$4.90 in cash less any amount unpaid on the relevant partly paid share, reduced by the amount of any dividend or distribution paid or declared by Foster’s after the date of this announcement, subject to a minimum price of A$0.01," SABMiller said in a statement on Wednesday.

The brewer says that the offer is subject to successful conclusion of a number of conditions and the offer will be funded by existing resources and what SABMiller calls "new debt".

This is not the first time the brewer has made an offer for Forster’s, on 20 June 2011 SABMiller approached Foster’s with a confidential proposal to acquire all of the ordinary shares in Foster’s for the same amount stated above.

However, this offer was rejected.

"As there has been no willingness to engage in relation to SABMiller’s proposal on the part of the Foster’s Board, SABMiller has decided to make an offer to Foster’s shareholders directly," SABMiller explained.