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Anheuser-Busch InBev now offering GBP 43.5 per SABMiller share

Staff writer ▼ | October 12, 2015
Anheuser-Busch InBev’s improved proposal to the board of SABMiller plc comprises a cash offer of GBP 43.5 per share, with a partial share alternative available for approximately 41% of the SABMiller shares.
Fluid acquisition   Anheuser-Busch InBev improved its proposal
The cash proposal represents a premium of over 48% to SABMiller’s closing share price of GBP 29.34 on 14th September 2015 (being the last business day prior to renewed speculation of an approach from AB InBev).

Under the improved proposal, SABMiller shareholders who elect for the partial share alternative will receive 0.483969 Restricted Shares and GBP 3.56 in cash for each SABMiller share.

Based on the closing price of AB InBev’s ordinary shares on October 9, 2015 of EUR 98.30, the partial share alternative, including the GBP 3.56 in cash, would value each SABMiller share at GBP 38.88 per share, representing a premium of approximately 33% to the closing SABMiller share price of GBP 29.34 as of 14th September 2015.

This improved proposal is pre-conditional on both Altria Group, Inc. and BevCo Ltd. undertaking to elect for the partial share alternative in respect of all of their SABMiller shares.

AB InBev anticipates that most SABMiller shareholders, other than Altria Group, Inc. and BevCo Ltd., would wish to elect for the cash offer.

AB InBev will not be seeking the SABMiller Board’s recommendation with respect to the partial share alternative.