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AB InBev makes higher offer for SABMiller AB InBev makes higher offer for SABMiller
(35 minutes later)
Anheuser-Busch InBev has increased its offer for rival brewer SABMiller to £43.50 a share.Anheuser-Busch InBev has increased its offer for rival brewer SABMiller to £43.50 a share.
It is the third time that AB InBev has made a higher bid for the company, with previous offers at £38, £40 and £42.15 per share. The £70bn ($108bn) is 3.2% higher than the previous bid and 14% higher than its initial offer last month.
The latest offer values SAB at about £70bn ($108bn). It is the third time that InBev has made a higher bid for the company, with previous offers at £38, £40 and £42.15 per share.
Shares in SABMiller rose 1.3%, or 49p, to £37.17 in London following the latest bid. Shares in SABMiller rose 0.7% to £36.93 in London following the latest bid, valuing the company at £60.1bn.
SABMiller has rejected the previous offers, claiming that they "very substantially" undervalue the company. SABMiller has rejected the previous offers, claiming that they "very substantially" undervalued the company.
Under UK takeover rules, AB InBev has until 16:00 GMT on Wednesday to make a formal bid for the maker of Peroni and Grolsch. InBev has accused SABMiller's board of being unwilling to enter talks about a deal.
A deal to create the world's biggest brewer would be the UK's biggest corporate takeover. Last week Carlos Brito, chief executive of InBev, said its proposal "creates significant value for everybody. How long will it be before shareholders see a value of over £42 in the absence of an offer from AB InBev?"
Under UK takeover rules, InBev has until 16:00 GMT on Wednesday to make a formal bid for the maker of brands including Peroni and Grolsch or walk away for six months.
InBev brews beers such as Budweiser, Stella Artois and Corona among others.
If a deal is struck, it would create the world's biggest brewer and be the UK's biggest corporate takeover.
SAB has several large shareholders, which have so far sided with the London-listed company and said the offers undervalue it.
South Africa's Public Investment Corporation, the fourth-largest shareholder in SAB, said on Friday that the price was too low.
A deal will not succeed without the support of tobacco company Altria, which has a 27% holding, and Colombia's Santo Domingo family, which owns 14% of the shares.
SABMiller tried but failed to acquire Dutch rival Heineken a year ago.