LONDON -- SABMiller said yesterday it has managed to win the support of the board of Foster’s Group for its takeover of the Australian brewer after increasing its offer to $10.1 billion.
The deal, subject to approval by shareholders and regulators, would bring Australia’s biggest brewer into the portfolio of the world’s second largest brewer.
London-based SABMiller said it had unanimous backing from the Foster’s board for the offer of $5.23 per share. The Australian company last month rejected a lower offer.
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