Foster's rebuffs SABMiller bid

19 August, 2011

The board of Foster’s Group has rebuffed SABMiller's proposed takeover bid. 

According to Foster’s, SABMiller tabled an “unsolicited highly conditional” takeover offer of $4.90 per share.

In a decision taken together with its advisors, the Foster’s board has said that it intends to unanimously recommend shareholders reject the offer.

The group said: “The Board of Foster's reiterates its belief that an offer price of $4.90 per share significantly undervalues the company in the context of a change of control.

“In addition, the high level of conditionality further detracts from the proposed offer.”

The board said it would set out its “detailed views” of the proposed offer in a “target's statement” which will be mailed to all shareholders.

The group furthered that Foster's shareholders are advised to “take no action and ignore all documents and communications from SABMiller in relation to its proposed offer”.





Comment

Dominic Roskrow

Rum's time to shine

Who would have thought it? After decades of dabbling on the margins of the fashionable bar trade, rum is enjoying its most successful spell in the limelight since the early ’90s, when spiced rums swept all before them.

Click for more »

Events

Facebook

Twitter