Foster's rejects SAB Miller bid

21 June, 2011

Australian brewer Fosterís has rejected a takeover bid from SAB Miller valuing the company at AU$9.5 billion.

In a statement, Fosterís said: ďThe board of Fosterís believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it.Ē

SAB Miller said the takeover bid was in line with a strategy to create ďan attractive global spread of businesses, with a focus on developing strong and successful brand portfolios.Ē

SAB Miller has long been linked with a possible bid for Fosterís, which split from the Treasury Wine Estates operation in May.

A joint bid from Molson Coors and Mexican brewer Femsa had also been mooted.

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