Battle for Foster’s turns ugly
on 06/09/11 at 11:31 amIndustry
SAB’s bid to take over Foster’s turned hostile last month after the Foster’s board rejected its AU$9.5 billion bid. SAB responded by taking the AU$4.90 per share offer directly to shareholders.
The accusation came to light in an announcement by Australia’s Takeovers Panel, which said SAB had asked it to look into the statements.
The panel said SAB had claimed that there was “no reasonable basis for several forward-looking statements” in the results presentation about the Australian company’s financial performance.
It added: “Even if there were a reasonable basis, no information is provided to allow shareholders to test the basis of the statements”.