Anheuser-Busch InBev (AB InBev) has made a formal offer to purchase SABMiller.
The deal – equating to £42.15 per share, up from two previous private bids of £38 and £40 per share – is expected to be rejected by SABMiller, owner of Coors, Grolsch and Peroni among others. It would value the company at around $103.5bn, or around £66.67bn. A partial share alternative has also been offered to SAB’s two largest shareholders. If successful, the deal would create one of the world’s largest consumer goods companies.
In a statement to accompany its bid, AB InBev – which owns Stella Artois, Budweiser and Becks, said: 'AB InBev is disappointed that the board of SABMiller has rejected both of these prior approaches without any meaningful engagement. AB InBev believes that this revised proposal should be highly attractive to SABMiller shareholders and provides an extremely compelling opportunity for them. The cash proposal represents a premium of approximately 44% to SABMiller’s closing share price of £29.34 on 14 September 2015 (being the last business day prior to renewed speculation of an approach from AB InBev).'
Carlos Brito, chief executive officer of AB InBev, added: 'We have the highest respect for SABMiller, its employees and its leadership, and believe that a combination of our two great companies would build the first truly global beer company. Put simply, we believe we can achieve more together than each of us could separately, bringing more beers to more people and enhancing value for all of our stakeholders.'