SABMiller, the world’s second-largest beer company, this morning rejected a third takeover bid, worth $104 billion, from the larger Anheuser-Busch InBev saying that the offer “substantially undervalues” the company.
After a meeting, SABMiller’s 16-member board, excluding three directors nominated by U.S. tobacco company Altria Group Inc., its largest shareholder, formally considered and rejected A-B InBev’s third proposal of 42.15 pounds per share in cash (USD $64.49). Two earlier offers, made privately and valued at 40 pounds and 38 pounds, respectively, had already been rejected by the board, the company said.
“SABMiller is the crown jewel of the global brewing industry, uniquely positioned to continue to generate decades of standalone future volume and value growth for all SABMiller shareholders from highly attractive markets,” Jan du Plessis, Chairman of SABMiller said in a statement. “A-B InBev needs SABMiller but has made opportunistic and highly conditional proposals, elements of which have been deliberately designed to be unattractive to many of our shareholders. A-B InBev is very substantially undervaluing SABMiller.”…CLICK HERE TO READ THE FULL STORY AT BREWBOUND.COM
