‘MegaBrew’ asks for more time
'Put Up or Shut Up' deadline now 11th Nov
The potential coming together of the world’s two largest brewers, Anheuser-Busch InBev’s acquisition of SABMiller, remains a work in progress.
At the request of the board of SABMiller, a further extension has been granted by the UK’s Panel on Takeovers and Mergers of the ‘Put Up or Shut Up’ deadline from today’s already extended deadline by a further week, to 5pm GMT on 11th November.
Both parties say that “good progress” has been made in agreeing the terms of a possible offer. ABI has also confirmed that it has negotiated the required funds in support of the cash offer and that these funds could be executed at short notice.
What has been reiterated from the original announcement is that a formal offer would be subject to an unanimous recommendation by the board of SABMiller; that SABMiller’s largest shareholders, the Altria Group and BevCo Ltd, accept the partial share alternative to the all-cash offer; and that ABI’s largest shareholders, Stiching Anheuser-Busch InBev, EPS Participation SaRL and BRC SaRL, would irrevocably undertake to vote in favour of the transaction.