12th Oct 2015 13:31
LONDON (Alliance News) - Anheuser-Busch InBev NV Monday confirmed that it has made an improved proposal of GBP43.50 per share in its bid to buy rival drinks company SABMiller PLC.
AB InBev said the cash proposal represents a premium of over 48% to SABMiller's closing share price of GBP29.34 on September 14.
Under the proposal, SABMiller shareholders who elect for the partial share alternative will receive 0.483969 restricted shares and GBP3.56 in cash for each SABMiller share.
Based on the closing price of AB InBev's shares on October 9 of EUR98.30, the partial share alternative including the GBP3.56 in cash would value SABMiller's shares at GBP38.88 each, a premium of about 33% to the closing SABMiller share price at the same date.
Last Wednesday, SABMiller rejected an offer of GBP42.15 per share in cash plus a partial share alternative for up to 41% of SABMiller's shares, valuing the company at around GBP68.2 billion.
It said the offer "substantially undervalued" the business.
Shares in SABMiller were trading up 1.2% at 3,714.00 pence Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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