Shares in Foster’s Group surged more than 13 per cent as investors bet on a bidding war for Australia’s biggest brewer by sales.
The company rejected an A$9.5bn ($10bn) takeover offer on Tuesday morning from SABMiller, the world’s second-largest brewer by sales, claiming the bid significantly undervalued the company.
But analysts predicted further machinations, either through the entry of a rival bidder or an increased offer from SABMiller.
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