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”.





Digital Edition

Drinks International digital edition is available ahead of the printed magazine. Don’t miss out, make sure you subscribe today to access the digital edition and all archived editions of Drinks International as part of your subscription.

Comment

La'Mel Clarke

Service isn’t servitude: the skill of hosting

La’Mel Clarke, front of house at London’s Seed Library, looks at the forgotten art of hosting and why it deserves the same respect as bartending.

Instagram

Facebook