Has SABMiller made a dingo's breakfast of £6.2bn Foster's bid?
Has SABMiller made a dingo's breakfast of £6.2bn Foster's bid?
Jun 21, 2011 6
It’s been a heavy morning for UK-based brewer SABMiller, which saw its shares tumble by almost 3% after it failed to impress the management of Australia’s largest brewer, Foster’s, with a £6.2bn takeover bid. Foster’s, by contrast, saw share prices jump by 13% after it turned down the bid of A$4.90 a share, saying it felt SAB’s proposal ‘significantly undervalues the company’. This is despite the fact that the offer is a good 8.2% higher than Foster’s closing share price yesterday. Strewth…
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