Photo: By Eddie Clark on Flickr
You have to be ruthless and persistent to win in a hostile takeover, and that’s what SABMiller has just proved.Australian brewer Foster’s has finally caved to a $10.2 billion bid from the UK-based brewer and bottler, after three months of telling them to shove off, according to the Wall Street Journal.
Here’s all the drama that led up to the final deal:
SABMiller first tried back in June, but the $10 billion bid quickly rejected — Foster’s CEO John Pollaers later said it was “so far from reality, it wasn’t worth engaging,” according to the Wall Street Journal.
It just got more hostile from there. In August, Foster’s rebuffed another $10 billion offer, saying that it “significantly undervalued” the company.
Then it really got ugly. The brewer accused Foster’s of making misleading financial statements and tried to get Australia’s Takeovers Panel to intervene, but it refused the review.
SABMiller actually reduced its cash offer to $9.6 billion in another bid earlier this month, and was once against told that it was “inadequate.” Foster’s gave up the fight just over a week later after the bid was increased back over the $10 billion mark.
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