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Brewer Foster's rejects $10 bn takeover bid

08-18-2011 14:49 BJT

Australian brewer Foster's has rejected a 10 billion U.S. dollar takeover offer from rival SABMiller for the second time, holding out for a better price.

SABMiller announced on Wednesday it would gain about half of Australia's beer market, with an offer of 4.90 Australian dollars a share. But Foster's said on Thursday the offer significantly undervalues the company. And the high level of conditionality further detracts from the proposed offer.

FOAMING ALE: Foster's has been the subject of takeover speculation since last May when it decided to split its beer and wine businesses. Picture: Bloomberg Source: Bloomberg

After rejecting an earlier SABMiller offer in June, Foster's shares have gone as high as 5.25 Australian dollars, and last traded at 4.96 Australian dollars. Shareholders have been advised to ignore all bid-related communication from SABMiller.

A six-pack of Foster's beer is seen in Melbourne in this February 15, 2011 photo illustration. REUTERS/Mick Tsikas



Editor:Li Wanran |Source: CNTV.CN

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