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AB InBev makes higher offer for SABMiller | AB InBev makes higher offer for SABMiller |
(about 1 hour 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. |
The £67bn ($108bn) is 3.2% higher than the previous bid and 14% higher than its initial offer last month. | |
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. | 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 0.7% to £36.93 in London following the latest bid, valuing the company at £60.1bn. | 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" undervalued the company. | SABMiller has rejected the previous offers, claiming that they "very substantially" undervalued the company. |
InBev has accused SABMiller's board of being unwilling to enter talks about a deal. | InBev has accused SABMiller's board of being unwilling to enter talks about a deal. |
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?" | 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. | 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. | 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. | 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. | 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. | 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. | 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. | SABMiller tried but failed to acquire Dutch rival Heineken a year ago. |