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| AB InBev and SABMiller agree new takeover proposal | AB InBev and SABMiller agree new takeover proposal |
| (about 1 hour later) | |
| SABMiller has accepted "in principle" an increased takeover offer from rival brewer Anheuser-Busch InBev of £44 a share. | SABMiller has accepted "in principle" an increased takeover offer from rival brewer Anheuser-Busch InBev of £44 a share. |
| AB InBev had made previous offers at £38, £40, £42.15, and £43.50 per share. Shares in SABMiller closed at £36.67 in London on Monday. | AB InBev had made previous offers at £38, £40, £42.15, and £43.50 per share. Shares in SABMiller closed at £36.67 in London on Monday. |
| SABMiller had rejected the previous offers, claiming that they "very substantially" undervalued the company. | SABMiller had rejected the previous offers, claiming that they "very substantially" undervalued the company. |
| A tie-up between the two firms would create the world's largest brewer. | A tie-up between the two firms would create the world's largest brewer. |
| In morning trade in London, SABMiller's share price was up by 8.68% to £39.36. Meanwhile, shares in AB InBev were 2.85% higher at 101.15 euros in trading in Brussels. | |
| Global market share of five biggest beer companies | Global market share of five biggest beer companies |
| Anheuser-Busch InBev - 20.8% | Anheuser-Busch InBev - 20.8% |
| SABMiller - 9.7% | SABMiller - 9.7% |
| Heineken - 9.1% | Heineken - 9.1% |
| Carlsberg - 6.1% | Carlsberg - 6.1% |
| China Resources Enterprise - 6% | China Resources Enterprise - 6% |
| Source: Euromonitor, based on 2014 figures | Source: Euromonitor, based on 2014 figures |
| In a statement, the boards of the two firms said they had "reached agreement in principle on the key terms of a possible recommended offer". | In a statement, the boards of the two firms said they had "reached agreement in principle on the key terms of a possible recommended offer". |
| SABMiller is the maker of brands including Peroni and Grolsch. | |
| It has a workforce of close to 70,000 people in more than 80 countries, and global annual sales of more than $26bn. SABMiller has said its board is ready to give its unanimous backing to the all-cash £44 per share offer. | |
| AB InBev brews beers such as Budweiser, Stella Artois, and Corona among others. It has a workforce of 155,000 and makes more than $47.1bn in global revenues. | |
| If the deal, worth about £70bn, goes ahead, the newly-created brewing giant will make about 30% of the world's beer. | If the deal, worth about £70bn, goes ahead, the newly-created brewing giant will make about 30% of the world's beer. |
| The two companies have not yet formally finalised the terms of an offer, but the latest development means they have extended the City deadline for a firm offer until 28 October. | The two companies have not yet formally finalised the terms of an offer, but the latest development means they have extended the City deadline for a firm offer until 28 October. |
| The latest proposal comes a day before the original deadline, by which AB InBev had to make a formal bid for SABMiller or walk away for six months. | The latest proposal comes a day before the original deadline, by which AB InBev had to make a formal bid for SABMiller or walk away for six months. |
| The offer represents a premium of about 50% over and above SABMiller's share price in mid-September, before the bid battle started. | The offer represents a premium of about 50% over and above SABMiller's share price in mid-September, before the bid battle started. |