SAB Miller is celebrating success in its battle to buy Australian brewer Foster’s Group.

The Foster’s board has recommended shareholders accept an improved bid from SAB Miller, which values the target at just under AUD11.5bn.

Foster’s chief executive John Pollaers said the bid represented “a very compelling offer” and a “terrific outcome” to the bid saga.

“Foster's will become an important part of our business,” said SAB Miller chief executive Graham Mackay.

“Through the application of our commercial capabilities and global scale, we expect to build on the initiatives that Foster's management has put in place, further enhancing its performance and creating value for our shareholders.”

Read more
Losses slow as Foster’s boss claims ‘turnaround is on track’ (23 August 2011)
Foster’s board bids to stave off SAB Miller approach (18 August 2011)