Blog: Foster's Group: Going Once, Going Twice...
Chris Mercer | 21 September 2011
It's not too late to beat SABMiller's bid for Foster's Group, apparently.
On a media call today (21 September), Foster's CEO John Pollaers told just-drinks' managing editor, Olly Wehring, that the Victoria Bitter brewer remains open to the idea of rival bids.
Pollaers said that, while Foster's is "very focused on [SABMiller's] proposal", he added that "should any superior offers emerge then the board does remain in a position to address it". He declined to say whether Foster's has received interest from anyone other than SABMiller.
If either SABMiller or Foster's does renege on the agreement, however, the party breaking off the deal would have to pay a fee to the other.
Ok, so perhaps it was a bit of a leading question, but it's interesting to hear Pollaers sending out that kind of signal.
That said, there is little sign that anyone else is keen to go toe-to-toe with SABMiller. A potential bid from Grupo Modelo has not materialised and most other brewers are looking elsewhere, or seeking to cut debt.
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