AB InBev issues enhanced final offer for SABMiller

Claire Dodd

Claire Dodd

26 July 2016

AB InBev has revised and enhanced the terms of its proposed purchase of SABMiller amid shareholder concerns over the plummeting pound.

In a statement issued this morning, AB InBev agreed to enhance the terms of its offer, with each SABMiller shareholder now entitled to receive £45 in cash for each share. The sum represents a £1 per share increase from its initial £71bn offer made in November 2015, taking the takeover offer up to £79bn.

The Telegraph reported on growing unease amid SABMiller shareholders this weekend, citing that a number had written to SAB seeking a better deal. The falling value of the pound following the UK’s vote to leave the European Union is understood to have made the deal less attractive to some investors.

AB InBev also said the revised cash offer represents a premium of approximately 53% to SABMiller’s closing share price of £29.34 on 14 September 2015, which was the last business day prior to renewed speculation of an approach from AB InBev.

It also represents a premium of approximately 39% to SABMiller’s three-month volume weighted average share price of £32.31 to 14 September 2015, it said.

In a statement AB InBev said: 'AB InBev confirms that this offer is final and that it will not further increase the cash consideration or the cash element or the exchange ratio of the partial share alternative.'

The deal has now obtained approval in 22 jurisdictions, including the EU, US and in South Africa.

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