Australian brewer Foster's Group Ltd. (FGL.AU) said Tuesday it had rejected a 9.51 billion Australian dollar (US$9.98 billion) cash takeover offer from SABMiller PLC (SAB.JO).

Foster's said in a statement SABMiller had made an unsolicited, incomplete, non-binding and conditional offer to acquire all Foster's shares for A$4.90 a share.

"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 doesn't intend to take any further action in relation to it," the company said.

An Australia-based spokeswoman for SABMiller declined to comment.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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