AB InBev Makes New Offer to SABMiller

Anheuser-Busch InBev the world’s larger brewer made another new approach on Monday to SABMiller with an offer that is improved, said a news report in the UK. The largest brewer in the world is attempting to win over a smaller rival with the intent to make a global giant in brewing.

The maker of Stella Artois and Budweiser made another new overture to SABMiller’s board, said the report.

The exact offer price was not known, but sources said it ranged from between 43 and 44 pounds a share.

Three of the top 10 shareholders of SAB have already spoken in support of its board rejecting the AB InBev previous offer, which was £42.15 a share in cash for the majority of shareholders calling it undervalued.

AB InBev has until Wednesday at 12:00 ET to launch its formal bid for the maker of Grolsch and Peroni, in what would turn out to be the largest company takeover ever in the UK.

It has gone public already with three offers that have been informal which SAB’s board rejected, excluding the three directors nominated by Altria Group the cigarette maker, the largest shareholder of SAB with 27%.

The fourth, fifth as well as seventh largest shareholders at SABMiller have all said publicly they sides with SABMiller.

Last week, one of the members of the board called the offers welcoming but said AB Bev had to rethink its numbers.

Still not clear is the final position of the Santo Domingo family from Colombia, which has a stake of 14% following its sale of Grupo Bavaria to SABMiller in 2005.

Their two representatives on the board who voted to reject last week’s AB InBev offers are cousins who are also run Quadrant Capital Advisors.

Carolos Brito the CEO at AB InBev said during last week’s negotiations his company’s largest number of shareholders approached the Santo Domingos and Altria and understood them to be at least receptive to the acquisition.

He also added that the structure of his offer as an alternative was to buy 41% of the business they owned for a number of shares and cash valued at 37.5 pounds per share.

 

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