AB InBev Sweetens SABMiller Offer to Address Sterling’s Plunge
- Fresh and ‘final’ bid values British brewer at $103.6 billion
- Investor Aberdeen says revised offer ‘remains unacceptable’
AB Inbev Sweetens SABMiller Offer
Anheuser-Busch InBev NV raised its cash bid for British brewer SABMiller Plc by 2.3 percent to account for the pound’s plunge, while maintaining a deal structure that gives the target’s two biggest shareholders a sweeter deal.
SABMiller shareholders will receive 45 pounds a share in cash, 1 pound more than the prior offer, valuing the company at 79 billion pounds ($103.6 billion), AB InBev said in a statement Tuesday. The bidder also increased the amount of cash in a cash-and-stock alternative that it crafted for the two largest investors, Altria Group Inc. and Bevco Ltd. Another SABMiller holder, Aberdeen Asset Management, said the revised proposal undervalues the company and remains unacceptable because stockholders aren’t being treated equally.