Update: SABMiller Rejects Third Takeover Offer From AB Inbev
08 Oct 2015 --- SABMiller has announced that it has unanimously rejected a third offer of GBP 42.15/share from leading global brewer AB Inbev, which values the company at around $104bn, as it ‘substantially undervalues’ SABMiller, the company has said in a statement.
The Board of SABMiller has now met formally to consider the new proposal announced by AB InBev yesterday (the “GBP 42.15 Proposal” as defined in the announcement by SABMiller). The Board, excluding the directors nominated by Altria Group Inc., said that the 42.15 Proposal very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects.
Analysts predict that this move could spark a battle in the brewing field that will result in a hostile takeover, as majority shareholder, Altria, has already expressed its support of the AB Inbev offers and recommended that the SABMiller board takes any offers seriously.
The coupling of SABMiller and AB Inbev would create a global brewing giant and may attract significant attention from competition authorities.
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