23rd Aug 2016 11:48
LONDON (Alliance News) - A UK court has approved the proposal by brewing giant SABMiller PLC to have two of its major shareholders classes as separate from other shareholders as regards voting on its takeover by Anheuser-Busch InBev.
As a result of the approval, Altria Group, the US tobacco giant, and BEVCO, the Santo Domingo family investment vehicle, will vote separately from other SABMiller shareholders on the deal. The pair own around 41% of SABMiller.
SABMiller recently recommended an enlarged GBP79.0 billion takeover offer from Anheuser-Busch InBev, increased following pressure from SABMiller shareholders for a higher price following the collapse in the value of the pound since the Brexit vote.
This offer, however, was dismissed by some SABMiller shareholders who believe a higher price is still warranted.
Under the new arrangement, 75% of shareholders from each class will have to approve the deal. The meetings will take place on September 28.
SABMiller shares were down 0.1% at 4,374.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.