Australian beer giant Foster's has accepted an improved takeover worth Aus$9.9 billion (£6.5 billion) from British-based brewer SABMiller, the pair announced on Wednesday.
Foster's
Group, whose leading lager brands include Corona and Foster's, had in August rejected a hostile bid of Aus$9.51 billion from SABMiller, which produces rival beers Grolsch and Miller Lite.
SABMiller on Wednesday said the Foster's board had since accepted an improved cash offer of Aus$5.10 per Foster's share. SABMiller said it expects the takeover to be completed before the end of 2011
after approval by Foster's shareholders.
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