Foster's: AUS$9.5bn offer small beer

Australian brewer Foster’s Group has rejected a AUS$9.5bn cash takeover offer from London-based beer-maker SABMiller, saying the bid undervalues the company.

Foster’s announcement came today after beverages group Coca-Cola Amatil (CCA) amended the terms of a brewing joint-venture with SABMiller, which enabled SABMiller to bid for Foster’s.