SABMiller To Take Foster’s Bid To Shareholders

SABMiller will take its $10 billion acquisition bid directly to the shareholders of Foster’s Group, Bloomberg reports. The move comes after the board of the global premium-branded beverage company rejected the bid.

SABMiller is offering $5.14 per share for Foster’s, which the Australian brewer says undervalues the company. The acquisition, if approved, will give the Peroni and Castle lager maker about half of the Australian beer market share.

Click here for the story from Bloomberg.