San Miguel makes takeover bid for Boag.
The San Miguel Corporation, the Phillipines' largest food and beverage company, has announced its intention to make an off-market takeover bid for J. Boag & Son Ltd., the Tasmanian brewer.San Miguel will offer a $1.65 (Australian) cash consideration for each Boag share, which values the company at approximately $92 million (Australian), or $55 million U.S.
Philip Adkins, J. Boag & Sons chairman and CEO, and the largest shareholder, has sold San Miguel 5,550,000 shares in the company, representing 10.3% of total issued shares.
Adkins has also stated an intention to sell his remaining shares in J. Boag into San Miguel's offer.
Rothschilds Asset Management has also sold 2,500,000 shares in J. Boag to San Miguel, representing 4.6% of issued shares.
J. Boag & Son brews Strongarm Bitter and James Boag Premium for the Australian market, and also serves as distributor for Carlsberg and Samuel Adams in Australia. J. Boag & Son's 1999 revenues totaled $25.8 million (U.S.).
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| Publication: | Modern Brewery Age |
|---|---|
| Article Type: | Brief Article |
| Geographic Code: | 8AUTA |
| Date: | May 8, 2000 |
| Words: | 164 |
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