Battle for Foster’s turns ugly

on 06/09/11 at 11:31 am

Industry

The battle for Foster’s is turning ugly after SABMiller claimed the brewer made “misleading and deceptive” statements in its full year results presentation.

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”.

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