Allens Arthur Robinson has advised Foster’s Group management and board on their rejection of the offer made by SABMiller, led by partners Ewen Crouch and Robert Pick.

The global beverage company yesterday announced a A$9.5bn takeover offer for the Australian beer brewer, and today the Foster’s board have “unanimously” recommended shareholders reject the offer.

SABMiller has made a conditional, off-market cash takeover offer for the entire company at A$4.90 a share, less any dividend declared when Foster's releases its annual profit result next week. Unlike the previous offer, SABMiller has decided to bypass the board and go directly to shareholders with the current offer.

In a statement made today the Foster’s board reiterated its belief that the offer price significantly undervalues the company in the context of a change of control. Shareholders will receive a comprehensive statement from the board once the bidder’s statement is received. 

SABMiller are being advised by Allen & Overy (Sydney) and Hogan Lovells (UK). A&O corporate partner Aaron Kenavan is the lead partner in Sydney for SABMiller, assisted by antitrust partner Dave Poddar, corporate Michael Parshall and banking partner Adam Stapledon. A&O also advised on the previous offer and has a long standing relaitonship with SABMiller through London- based partner Richard Browne.