SAB is offering A$4.90 per fully paid ordinary share, reduced by the amount of any dividend or distribution paid or declared by Foster’s after the announcement.
A statement from SABMiller continued: "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.
"The offer will be subject to the fulfilment of a number of conditions, many of which are customary in a change of control situation."
On June 20 2011, SABMiller approached Foster’s with a confidential proposal to acquire all of the ordinary shares in Foster’s by way of a Foster’s recommended scheme of arrangement at A$4.90 per share in cash. On June 21 2011, Foster’s announced that it had rejected the SABMiller proposal.
The statement continued: "SABMiller believes that the proposal put to the Foster’s Board is attractive and should be put to Foster’s shareholders. 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."
