FDBusiness.com

SABMiller has made a hostile move to acquire Foster’s after its initial offer was rejected by the Australian brewer’s board. SABMiller first approached Foster’s on June 20th 2011 with a confidential acquisition proposal of A$4.90 per share in cash, valuing Foster’s at A$11.2b (Eur8.1b).

As there has been no willingness to engage in relation to SABMiller’s proposal on the part of the Foster’s board, SABMiller has now decided to make the same offer directly to Foster’s shareholders.

Detailed information in relation to the offer will be set out in a Bidder’s Statement to be lodged with the Australian Securities and Investments Commission and provided to Foster’s.and the Australian Securities Exchange shortly. SABMiller expects to mail the Bidder’s Statement to Foster’s shareholders approximately two weeks after it is provided to Foster’s.