SABMiller confirms Australian Tax Office ruling on recommended proposal to acquire Foster's Group Ltd
18 November 2011
As part of SABMiller's proposed acquisition of Foster's, SABMiller and Foster's had agreed that Foster's could pay its shareholders a return of capital of A$0.30 per share prior to the closing of the acquisition, subject to obtaining an appropriate ruling from the ATO.
Foster's has not been able to obtain the ruling from the ATO. Accordingly, as set out in the Implementation Agreement, SABMiller's offer price will increase from A$5.10 per share to A$5.40 per share to take account of this development.
This amendment does not increase the acquisition enterprise value and does not change the total cash received by each Foster's shareholder.
If approved by shareholders at the relevant scheme meetings later this year, SABMiller continues to expect the acquisition to be completed before the end of 2011.