beer

The country's biggest brewer Foster's (ASX:FGL) has agreed to a sweetened SABMiller offer of $12.3 billion as SABMiller chief executive Graham Mackay offered to raise the cash bid to $5.53 per share.

Foster's had previously rejected SABMiller's bid of $4.90 per share, saying it undervalued the company. Under the new agreement, Foster's will return 30 cents a share as capital return and pay a final dividend of 13.25 cents.