ABI ups SABMiller offer
Share price proposed is now £43.50 in cash
With the UK regulatory-imposed deadline of making an offer by the close of business this Wednesday looming, Anheuser-Busch InBev has once again upped its share price proposal to the board of SABMiller, again seeking their assent to a bid.
Today’s offer increases the per share price to £43.50 in cash, an increase from the £42.15 that was made public on 7th October.
The partial share offer that won over Altria, SABMiller’s largest shareholder with a 27% equity stake, has been restated. However, there’s an important condition. AB InBev says that BevCo Ltd, the holding company of the Santo Domingo family, which became shareholders when SABMiller acquired Bavaria in Columbia back in 2006, must also accept the partial share offer.
The new offer values SABMiller shares at a premium of 48% over the closing price of £29.34 on 14 September, the last day before speculation was renewed regarding a possible approach by ABI.
AB InBev is not seeking the SABMiller board’s approval for the partial share offer.