Foster’s Group Ltd., Southbank, Australia, rejected an acquisition proposal from SABMiller plc to acquire all shares of Foster’s at a rate of $4.90 each share. The board of Foster’s announced it “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.”
SABMiller plc confirmed the announcement made by Foster’s Group. The London-based company said, “The proposal to acquire Foster’s is in line with SABMiller’s strategy to create an attractive global spread of businesses, with a focus on developing strong and successful brand portfolios.”