Global brewer SABMiller (SAB) has taken its AUD 9.5 billion (£6.1 billion) cash offer for Foster's Group of Australia (FGL) hostile. The firm claims to have failed numerous times to engage the Foster's board in discussion and has now put the offer directly to shareholders. At this stage, we are maintaining our fair value estimate and our credit issuer rating for SABMiller, but we believe the company will raise its bid slightly, and we may decrease our valuation slightly if we deem the ultimate price paid to be too high.
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