AB InBev gets another week to make SABMiller offer
SABMiller said on Wednesday that it had asked the takeover panel to further extend the deadline for a firm bid for the company from Anheuser-Busch InBev.
On October 13, the companies agreed in principle to AB InBev’s offer of £44 per share in cash. The original deadline for AB InBev to ‘put up or shut up’ of October 28 was extended to November 4. A further extension to November 11 has been granted.
Requesting the previous extension, SABMiller said that AB InBev, which had completed its due diligence and confirmed the terms of the proposed offer, had “also confirmed that facilities which will allow AB InBev to provide certain funds in support of the cash components of the possible offer have been negotiated and can be executed at short notice”.
Wednesday’s statement said that since then SABMiller and AB InBev had made further good progress, including AB InBev having confirmed that the above-mentioned facilities had been entered into.
The statement sought a further extension to November 11 “in order to allow SABMiller and AB InBev to finalise their discussions and satisfy the pre-conditions to the announcement of a formal transaction”.
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