SABMiller said it will continue to pursue a takeover of Foster’s Group despite its offer of A$9.51bn (£6.2bn) being rejected by the Australian group, Michelle Perrett. Foster’s Group Limited said it has received an “unsolicited, incomplete, non-binding and conditional proposal” from SABMiller plc to acquire all of the shares in Foster’s via a scheme of arrangement at a price of Aus $4.90 per share in cash. In a statement it said: “The Board of Foster’s believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it.” SABMiller chief executive officer Mr. Graham Mackay said: “SABMiller has a proven track record of acquiring and integrating brewing companies in a way which benefits shareholders, employees, business partners and the broader community. “We aim to strengthen the Foster’s brand portfolio and work with the local team to bring our innovation, global scale and expertise to the business. “We continue to believe that the proposal price is attractive and offers good value to Foster’s shareholders. SABMiller can conclude a transaction quickly and will continue to seek engagement with the Board of Foster’s to put an agreed proposal to Foster’s shareholders.”