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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Richard Hemming MW: beware inverse snobbery

Few things can bring communal pleasure so intimately as wine. Apart from a hot tub, perhaps. Sport can trigger mass jubilation, film gives us shared empathy, but wine has a nigh-unique ability to bestow conviviality among us through a shared bottle Ė which makes it especially galling that we spend so much time divided over it.

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