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AB InBev and SABMiller extend their takeover deadline by a week

by , 28 October 2015

Earlier today, Anheuser-Busch InBev and SABMiller released a statement detailing that the companies had extended their takeover deadline by a further week.

This adds to the initial two-week deadline the companies previously applied for.

Let's take a closer look at what's going on…

AB InBev has until 4 November to make a formal offer

AB InBev now has until 5pm on Wednesday 4 November to put in a formal offer for SABMiller [JSE:SAB], reports Fin24. This adds to “a two week extension from an initial 14 October” deadline.

The London Panel on Takeovers and Mergers is responsible for granting these extensions, adds Fin24.

The brewers want a further extension so that “talks between the two companies can continue,” says IOL. This follows AB InBev making a £44 per share offer for shares in SABMiller that SABMiller’s board were happy with and several failed bids.

Since the talks started, “AB InBev has completed a due-diligence review” of SABMiller, says BDLive. This has led to AB InBev reconfirming “the terms of its proposed offer” and confirming it has funding in place.

If the deal between AB InBev and SABMiller could be the largest this year

The deadline extension gives AB InBev an extra week to submit a “formal takeover offer for SABMiller,” notes Bloomberg. If the deal goes through, it will be the largest deal this year.

AB InBev has also been in talks with the Public Investment Corporation, “which is against the offer,” says IOL. There is also the possibility that the deal will “face competition hurdles in SA” and beyond.

At time of writing, shares in SABMiller are trading 0.18% higher at R823.06. That’s against a fall of around 0.18% in the JSE Top 40 Index.

So AB InBev has another week to make a formal offer for SABMiller. Time will tell the details of the offer when it’s made.

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AB InBev and SABMiller extend their takeover deadline by a week
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