SABMiller Plans Foster's Takeover

SABMiller plc is again proposing, through its indirect wholly-owned Australian subsidiary SABMiller Beverage Investments Pty Ltd, to make a conditional, off-market, cash takeover offer for all of the issued shares in Foster's Group Limited at $4.90 per fully paid ordinary share.
 

In June 2011, SABMiller approached Foster's with a confidential proposal to acquire all of the ordinary shares in Foster's by way of a Foster's recommended scheme of arrangement at $4.90 per share in cash. Foster's quickly announced that it had rejected the SABMiller proposal.
 

Because SABMiller believes that the proposal put to the Foster's Board is attractive and should be put to Foster's shareholders, SABMiller has decided to make an offer directly to Foster's shareholders, stating that there has been no willingness to engage in relation to SABMiller's proposal on the part of the Foster's Board.
 

Foster’s Group had not yet responded to the proposal at press time.