SABMiller added that its statement was released “without the prior agreement or approval of AB InBev”, whose beers include Budweiser, Corona and Stella Artois.
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“Altria urges SABMiller’s board to engage promptly and constructively with AB InBev to agree on the terms of a recommended offer”.
Both these offers did not appeal to SABMiller, which was awaiting a better deal. InBev was up 1.55 percent in Brussels. AB InBev intends to work proactively with regulators to resolve any concerns.
Anheuser-Busch InBev turned up the heat on SABMiller after three takeover proposals failed to get talks going, saying the board’s opposition lacks credibility and shareholders are being offered a price the brewer alone won’t achieve any time soon.
AB InBev, the world’s largest brewer, is likely to raise its takeover proposal for SABMiller Plc (LON:SAB) to around £45 a share, according to Nomura.
But Britain’s SABMiller, which has already rejected two previous bids from its rival, suggested strongly that the new offer would be rejected despite the fact it would create a combined new group worth around 220 billion euros ($250 billion).
Yet, Du Plessis says the brewer is “uniquely positioned to continue to generate decades of standalone future volume and value growth for all SABMiller shareholders from highly attractive markets”.
If the deal eventually goes ahead, the combination of AB InBev and SABMiller would result in a super brewer that would also be one of the world’s leading consumer products companies.
SABMiller said in a statement that in an October 5 meeting with AB InBev, the predator firm tabled a second bid of £40 a share and indicated it would raise its offer to £42, subject to a recommendation by the board and other conditions.
Anheuser-Busch has an alternate offer for SABMiller that would give shareholders $3.63 per share and 0.48 special unlisted Anheuser-Busch shares that would be convertible to normal shares after five years. Its approach is now conditional on a recommendation from SAB’s board and InBev’s chief executive Carlos Brito called on shareholders to “pressure the board and call the chairman”.
Cigarette maker Altria (NYSE:MO) is SABMiller’s largest shareholder, with 27% of shares, and said the new offer would “create significant value” for investors. AB InBev shares were up 2%, after opening 4% higher.
AB InBev also disputed SABMiller’s contention that antitrust authorities might block the deal.
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SABMiller has around 69,000 staff in more than 80 countries, from Australia, Zambia and Colombia to the Czech Republic, South Africa and the United States, also producing more than 200 beers.
