Foster’s Group has rejected a takeover bid from the global brewing giant SABMiller, saying that the $9.5 billion offer significantly undervalues the company.
In a statement issued by Foster’s it said that SABMiller had offered $4.90 per share, which represented a premium of around 8.2 percent on the closing price yesterday.
"The board of Foster’s 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," the company said in a statement.
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