Foster's has reduced its offer price for Southcorp. The drinks group said today (21 February) that its bid for the Australian winemaker will be lowered by three cents a share to A$4.14.

In a statement, Foster's said that the offer price will be adjusted as a result of Southcorp's decision to declare an unfranked dividend of three cents per share. The group added that its offer price will be adjusted when Southcorp shares trade ex the entitlement to this dividend, in accordance with its bidder's statement.

Late last week, Foster's CEO, Trevor O'Hoy, suggested that the company was in no rush to complete the acquisition and would walk away if the price became too rich.

"We're very patient and I believe we're very financially disciplined," O'Hoy said. "We didn't go into this to buy a blocking stake, but if that's the case..., then so be it."

Foster's already owns a 19% stake in the Australian winemaker.