Date Announced: 09/21/2011
client: SABMiller plc
Status: Closed – 12/2011
Value: A$11.7 billion Read the case study
On December 16, 2011, SABMiller plc (“SABMiller,” LSE: SAB, JSE: SAB), one of the world’s largest brewers, with more than 200 beer brands and more than 70,000 employees in over 75 countries worldwide, acquired Foster’s Group Limited (“Foster’s Group,” ASX:FGL), an Australian-based producer and marketer of beer and cider. Court approval of the transaction followed a Foster’s Group shareholders meeting at which the acquisition was approved by 99.1% of current shareholders. Execution of the transaction scheme of arrangement was a noteworthy success after SABMiller’s initial proposal to acquire Foster’s Group for $4.90 per share in June 2011 became hostile in August 2011. Under the approved transaction, Foster’s Group’s ordinary shareholders received total cash consideration of A$5.40 per share, representing an enterprise value of A$11.7 billion. Moelis & Company acted as financial advisor to SABMiller.