Patriotic drinkers may be sobbing into their beer but sober investors know a good thing when they see it. At yesterday’s meeting to approve the acquisition of Foster’s Group by SABMiller for $5.40 per share, the ‘yes’ vote achieved 99.1% support. Presumably, the other 0.9% were still at the bar.
The scheme has just been approved by the Supreme Court of Victoria and the stock will cease trading today. The scheme consideration is expected to land in your bank account or mailbox by 21 December.