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SABMiller pays higher price for Foster's
Source: Agencies |
September 22, 2011, Thursday
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BREWING giant SABMiller Plc agreed to buy Foster's Group for an increased price of A$5.10 a share valuing the Australian brewer at A$9.9 billion (US$10.2 billion) and putting SABMiller at the head of Australia's beer market.
As part of the deal announced yesterday, Foster's will also return 30 Australian cents a share as well as a final dividend for year to June 30, 2011. The total value of the deal, including debt, is A$11.5 billion.
"We are pleased that we reached agreement on a recommended transaction to be put to Foster's shareholders," said SABMiller CEO Graham Mackay in a statement.
"The London-based brewer of Peroni, Miller Lite and Grolsch launched its initial cash bid worth A$9.5 billion, or A$4.90 a share, on June 21 and then went hostile by taking the offer direct to shareholders at the same price on August 17, but Foster's rejected both approaches as being too low.
SABMiller says the bid is part of its strategy of creating an attractive global spread of businesses to add to its operations in the emerging markets of Africa, Latin America, Asia and Eastern Europe.
It has been long seen as the favorite to take over Foster's with other big brewing rivals saddled by high debts after recent deals.
As part of the deal announced yesterday, Foster's will also return 30 Australian cents a share as well as a final dividend for year to June 30, 2011. The total value of the deal, including debt, is A$11.5 billion.
"We are pleased that we reached agreement on a recommended transaction to be put to Foster's shareholders," said SABMiller CEO Graham Mackay in a statement.
"The London-based brewer of Peroni, Miller Lite and Grolsch launched its initial cash bid worth A$9.5 billion, or A$4.90 a share, on June 21 and then went hostile by taking the offer direct to shareholders at the same price on August 17, but Foster's rejected both approaches as being too low.
SABMiller says the bid is part of its strategy of creating an attractive global spread of businesses to add to its operations in the emerging markets of Africa, Latin America, Asia and Eastern Europe.
It has been long seen as the favorite to take over Foster's with other big brewing rivals saddled by high debts after recent deals.
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