SABMiller prepares loan for A$11.2B Foster's bid, which is slightly higher than its previous A$9.5B bid
August 13, 2011
– SABMiller Plc is preparing a new bid for Australian brewer Foster’s Group, and arranging a syndicated loan of several billion dollars, one of the year’s largest transactions, Reuters reported Aug. 11.
Fosters earlier this year rejected an all-cash A$9.5 billion, or US$9.7 billion, offer from SABMiller. The U.K. brewer is expected to make a new offer of A$11.2 billion, following a review of Foster’s full-year results later this month.
After the failed bid for Foster’s, no rival proposals came forth, and recently, Foster’s share prices dropped below SABMiller’s original offer.
SABMiller is being advised on the loan by JPMorgan Chase & Co., the Royal Bank of Scotland Group Plc and Morgan Stanley, according to a banker.
The primary source of this article is Reuters, London, England, on August 11, 2011.