SAB Miller has launched a hostile bid for Foster’s Group, two months after an opening approach to the board of the Aussie brewing giant was rebuffed.
The Peroni and Miller Draft brewer has gone directly to shareholders with the same offer that was turned down by the Foster’s board. The offer of AUD4.90 a share values the company at about £6bn.
“SAB Miller believes the proposal put to the Foster's board is attractive and should be put to Foster's shareholders,” the company said in a statement today.
“As there has been no willingness to engage in relation to our proposal on the part of the Foster's board, SAB Miller has decided to make an offer to Foster's shareholders directly.”
Foster’s shares closed yesterday at AUD4.96.
Early reaction to the bid was mixed. Analysts at MF Global said they believed "investors may feel that SAB should 'stick to its knitting' and continue to focus on emerging markets".
SAB Miller to push on with Foster’s bid (25 June 2011)
Foster’s knocks back £6bn SAB Miller bid (21 June 2011)