Budweiser and Miller in a $104billion Beer Deal
The world's top two beer makers agreed Tuesday to join forces to create a company that would control nearly a third of the global market and bring together top U.S. brands Budweiser and Miller Genuine Draft.SABMiller (SAB.L) accepted an offer worth $104billion (£68.5billion) from Anheuser-Busch InBev (ABI.BR) after the SABMiller board said it would give its blessing to a fifth proposal from its sole larger rival.
If it goes through, the deal would rank in the top five mergers in corporate history and be the largest takeover of a UK company.
After repeated rejections to its lower proposals, AB InBev said on Tuesday it was willing to pay £44 ($67) in cash per SABMiller share, with an alternative for cash and shares set at a discount and limited to 41 per cent of SABMiller shares.
SABMiller has indicated that its board would be prepared to accept the offer and has asked for a two-week extension to the UK-imposed deadline set for 4pm GMT (11am EST) on Wednesday for a formal bid. The new deadline is October 28.