AUS: Foster's v Southcorp - announcement soon
Shares in Southcorp and Foster's have been halted from trading, pending an announcement. Although neither side has commented officially, Foster's has confirmed that talks between the two have resumed which "may or may not lead to a revised takeover offer."
At the same time, Foster's has extended the closing date for its A$4.14 per share takeover for the fourth time. The previous deadline has been shifted from 28 April to 12 May.
Foster's said it expects to make a statement before trading starts on Friday morning.
Speculation is split between those that believe Foster's may increase its bid slightly, to help Southcorp's board - which has consistently ignored the offer - to save face, and those who feel that the current state of the Australian wine market does not warrant any offer rise.
Southcorp has assessed its value at between A$4.57 and A$4.80. But recent statistics show that Australia's wine business is entering a glut cycle, leading to a profit warning from McGuigan Simeon Wines earlier this month, and Southcorp's share price to dip below Foster's offer price on Monday for the first time since the bid was announced.
Foster's Group has extended its offer for Southcorp once again....
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....
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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