Unwanted attention
All it took was a bit of takeover speculation published in the national media and the Foster’s Group Ltd, Australia’s biggest beer and wine maker, saw its shares jump 9.2 percent to a record high of 5.95 AUD at the end of August. The Sydney Morning Herald newspaper had said that Foster’s was being sought by a number of suitors. Although Foster’s Chief Executive Trevor O’Hoy was quick to point out that the company hadn’t received any specific takeover offers, which subsequently sent the shares down as much as 3 percent, the published rumour still served as a timely reminder that Foster’s strategy of self-defence was not all that deterring if put to the test.
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