SABMiller snaps up Foster's for $10.1 b

SABMiller said Foster’s has agreed to a cash offer of Australian $5.10 per share, which values the Australian entity’s equity at about Australian $9.9 billion (about US$10.1 billion).
Both companies have a significant presence in India.

“The agreed proposal represents an enterprise acquisition value of AUD 11.5 billion, which is a 2.8 per cent increase on the enterprise value of AUD 11.2 billion implied by SABMiller’s initial proposal announced on June 21,” SABMiller said.

Among Foster’s popular brands are Carlton Draught, Corona, Crown Lager, Pure Blonde, Carlton Mid and Carlton Dry.

As part of transaction, Foster’s would pay its shareholders a return on capital of Australian $0.30 per share prior to the deal being closed. The deal would be implemented by means of a scheme of arrangement to be proposed by Foster’s to its shareholders.

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