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Anheuser Busch InBev raises its offer for SABMiller SABMiller rejects latest Anheuser-Busch InBev offer
(about 5 hours later)
Brewing giant Anheuser-Busch InBev has raised its offer for rival SABMiller after two previous bids were rejected. SABMiller has rejected an improved offer from Anheuser-Busch InBev that it says "very substantially undervalues" its business.
The Belgian group - the world's biggest beer maker - has offered 42.15 pence a share, following bids of 38p and 40p. Earlier on Wednesday, InBev raised its offer for SAB to £42.15 per share, having previously bid £38 and £40.
It said a deal with SAB would "build the first truly global beer company". The combined group would be worth more than £180bn. SABMiller shares are currently worth £36.60, having risen sharply since InBev first made its move last month.
Shares in the London-based brewer have risen sharply since InBev first made its move last month. Any deal between the two would create the world's biggest beer maker worth more than £180bn.
SABMiller said its board had formally considered the new offer, and "has unanimously rejected the proposal as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects".
InBev brews Budweiser, Stella Artois and Corona, while SAB brews Peroni and Grolsch, among others.InBev brews Budweiser, Stella Artois and Corona, while SAB brews Peroni and Grolsch, among others.
If a deal goes through, the merged company would produce one-third of the world's beer.If a deal goes through, the merged company would produce one-third of the world's beer.
On Tuesday, SAB reported a 9% fall in revenues for the three months to September, which it blamed on weakening emerging market currencies. Sales volumes were up 2%.On Tuesday, SAB reported a 9% fall in revenues for the three months to September, which it blamed on weakening emerging market currencies. Sales volumes were up 2%.