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San Miguel makes move in Australia
Brewing giant buys Boag as 'first step'
Apr 18, 2000 - Philippines brewing giant San Miguel Corp. plans a takeover bid for J. Boag & Son Ltd., a small Australian brewer, in a deal that marks the company's entry into the Australian market. The offer represents a premium of 60.2% over Boag's stock price before the bid.
A spokesman for Boag said the Australian company's board would recommend that shareholders accept the bid and that directors would accept it for their own holdings. San Miguel said Boag's chairman and chief executive, Philip Adkins, had already tendered his shares, worth 10.3% of the company. Last month Adkins said that Boag company was interested in bidding for the brewing division of the British company, Bass, which is about 100 times the size of Boag. Albert De Larrazabal, San Miguel's chief financial officer, said that the Boag acquisition was a "first step" in Australia. "It's given us access to distribution, it's given us brands. In our minds it was a good price," De Larrazabal said.
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