SABMiller brings takeover bid for Foster's directly to shareholders

NEW YORK — Looking to expand its business, one of the world's largest brewers is looking to take over Australian beer company Foster's Group.

SABMiller said it has extended its takeover bid to Foster's shareholders through its wholly owned subsidiary, SABMiller Beverage Investments, after the bid was rejected by Foster's board back in June. At the time, Foster's board said that the bid, valued at A$4.90 ($5.18) per share in cash — or $10 billion — "significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it."

Foster's will report its full-year results next Tuesday.