SABMiller and AB InBev request another extension on the megabrew deal deadline
The megabrew deal could be put off yet again.
Brewing giants AB InBev and SABMiller have requested the UK Takeover Panel to extend the deadline by when they must formally agree on a takeover deal that would create the world’s largest brewer by far.
Today was AB InBev's deadline to make a formal offer, but this has now been extended another week to 11 November. This is the second time the companies have extended the deadline.
AB InBev has previously confirmed to shareholders that it has secured the financing for the mega-merger.
In an update released this morning SABMiller confirmed the companies had “made good progress” in working out the details of the formal offer that would create a brewing company with an annual revenue of £42bn and bring some of the world's biggest beer brands under the same roof – not to mention a good deal of your favourite "craft beers".
The companies reached an agreement in principle on a buyout deal worth £68bn on 13 October, with AB InBev offering £44 a share – a 50 per cent premium on SABMiller’s share price before the bid was made public.
The British brewer's shares have leapt since confirming in mid-September that rival AB InBev was planning to make an offer.