Megabrew Battle Goes to Second Round

British justice has dealt a setback to AB InBev's attempted takeover of rival brewer SABMiller. A High Court judge said on Tuesday that SAB's small investors should have the same say as its two top shareholders in approving the Belgian brewer's 73.1 billion pounds ($96.4 billion) bid. As a result, an InBev victory is not assured.

The ruling matters because SAB's shareholder register is divided. U.S. cigarette maker Altria and the Santo Domingo brewing dynasty own 40 percent. They like InBev's offer, including the tax-efficient structure designed for them. Hedge funds also like the deal as it will give them a quick profit. Against them are some long-term shareholders, such as Aberdeen Asset Management, who've said previously that the transaction is unfair or too cheap, something Gadfly has also argued.