AUSTRALIA: Foster’s declares control of Southcorp
Foster's Group said today that its offer to buy the winemaker Southcorp had become unconditional, following it gaining voting power in Southcorp of 50.9%.
Foster's launched its bid in January after acquiring an initial 18.8% stake in Southcorp from the Oatley family, the founders of the Rosemount brand.
Since raising its bid last month to A$4.26, and in doing so winning support from the majority of the Southcorp board, Foster's has slowly increased its control of the company.
In a statement today, Foster's said that its wholly-owned subsidiary Beringer Blass Wines Pty Ltd (BBW) has freed its takeover offer for Southcorp from the 90% condition contained in its bidder's statement and, accordingly, declares that the offer is now unconditional.
The offer is scheduled to close at 5pm (Melbourne time) on Thursday 26 May.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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