AB InBev, SABMiller OK in principle to set up beer merger
BRUSSELS (AP) — Belgian-Brazilian AB InBev have announced an agreement in principle with SABMiller to take over the brewer at 44 pounds ($67.63) a share to create the world’s biggest beer giant.
The brewer of Budweiser and Stella Artois said Tuesday it had increased its offer overnight for the world’s second-largest brewer and that both boards “reached agreement in principle on the key terms of a possible recommended offer.”
AB InBev has been trying for nearly a month to get its hands on SABMiller but its previous offers have met with resistance. On Monday, it was hoping that its latest offer, which valued SABMiller at 43.50 pounds a share — 14 percent higher than its initial offer — would finally win the day but it still upped its offer.