17 Aug '11, 7am

Brewer SABMiller launches hostile bid for Foster's: LONDON - Britain-based brewer SABMiller on Wednesday launche...

Brewer SABMiller launches hostile bid for Foster's: LONDON - Britain-based brewer SABMiller on Wednesday launche...

LONDON - Britain-based brewer SABMiller on Wednesday launched a hostile takeover bid for Australian beer giant Foster's worth around Aus$9.5 billion (US$10.0 billion) after an initial approach was rejected in June. SABMiller, the maker of beers Grolsch and Miller Lite, said its renewed offer was unchanged at Aus$4.90 per Foster's share. "SABMiller believes that the proposal put to the Foster's Board is attractive and should be put to Foster's shareholders," SABMiller said in a statement to the London Stock Exchange. "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." The maker of Foster's Lager had yet to respond to the hostile bid but in June said the offer "significantly undervalues" the company. Foster's, which owns Australia's larges...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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