SABMiller plc (“SABMiller”) announces that it has agreed with Foster’s Group Limited (“Foster’s”) a recommended cash offer to Foster’s shareholders at A$5.10 per share (see endnote 1), which values Foster’s equity at approximately A$9.9 billion.
Foster’s board unanimously recommended its shareholders to reject SABMiller’s offer, the company said in a statement on Monday.
FOSTER’S chief John Pollaers has hit back at claims the company is losing beer market share and playing into the hands of takeover predator SABMiller.
Foster’s Group Ltd. (FGL), Australia’s biggest brewer, affirmed its opposition to SABMiller Plc (SAB)’s hostile takeover bid after the cash offer was cut to A$9.25 billion ($9.6 billion) on dividends paid.
* SABMiller prepares to publish formal bid * Foster’s shares below SABMiller bid price * Foster’s says SABMiller claim “frivolous and petty” * SABMiller says pleased has clarity on Foster’s debt * Foster’s books deferred tax asset of A$447.5 mln
FOSTER’S continued to surrender market share in the crucial packaged beer segment in the July quarter, a development that is likely to strengthen suitor SABMiller’s hand in the $9.5 billion takeover battle between the two companies. As Foster’s robustly defended … Continue reading
* Claims statements by Foster’s were “misleading and deceptive” * SABMiller says net debt figures don’t meet Australian standards * Panel to review application to be established on Monday * SABMiller trying everything it can to keep down price-analyst
A sustained appreciation in the value of the Australian dollar or the arrival of an aggressive private equity player are regarded as the only factors that might impede SABMiller’s success in acquiring control of Australian brewer Foster’s.
Foster’s Group Ltd. (FGL), Australia’s biggest brewer, is open to discussing a “sensible” bid with SABMiller Plc (SAB) after refusing to enter detailed negotiations on the U.K. company’s hostile A$9.5 billion ($10 billion) offer.
FOSTER’S shares pretty much kept pace with the sharemarket’s latest rally yesterday despite a pedestrian June 30 result because there was enough in the profit and what chief executive John Pollaers said about it to suggest that SABMiller will need … Continue reading