What will happen to the iconic Aussie - and world - brand?
Breaking news in the last few seconds: the fight for ownership of of some of the world’s most iconic drinks brands is on as SAB Miller make a hostile direct to shareholders move on Fosters.
http://www.bbc.co.uk/news/business-14554391
The SAB Miller statement reads, in part:
SABMiller plc (“SABMiller”) proposes, through its indirect wholly owned Australian subsidiary SABMiller Beverage Investments Pty Ltd (“Bidder”), to make a conditional, off-market, cash takeover offer for all of the issued shares in Foster’s Group Limited (“Foster’s”) at A$4.90 per fully paid ordinary share, reduced by the amount of any dividend or distribution paid or declared by Foster’s after today’s announcement (the “Offer”).
Background
On 20 June 2011, SABMiller approached Foster’s with a confidential proposal to acquire all of the ordinary shares in Foster’s by way of a Foster’s recommended scheme of arrangement at A$4.90 per share in cash. On 21 June 2011, Foster’s announced that it had rejected the SABMiller proposal.
SABMiller believes that the proposal put to the Foster’s Board is attractive and should be put to Foster’s shareholders. As there has been no willingness to engage in relation to SABMiller’s proposal on the part of the Foster’s Board, SABMiller has decided to make an offer to Foster’s shareholders directly.
What do you think? Is the offer good value? And will Fosters mount a defence, including all the paraphrenalia of ads direct to shareholders? Will any other suitors appear? Interesting times ahead.
Well, This Is What I Think 