Foster’s Group (ASX:FGL) has rejected a $9.5 billion all-cash takeover bid from global beverage giant SABMiller.
Australia's largest brewer claims the offer significantly undervalues the company and as such it does not intend to take any further action in relation to it.
Foster’s says SABMiller has made an unsolicited, incomplete and non-binding, conditional proposal to acquire all of the shares in Foster’s for $4.90 per share.
Shares in Foster’s last traded at $4.53 per share.
In the half year to 31 December 2010 Foster’s reported a net profit of $313 million.
