"Both ABI and SABMiller officially responded to press speculation by confirming that ABI has informed SABMiller it intends to make a proposal to acquire SABMiller. At this point, there are no details on what the proposal could look like," per UBS note that just hit. Recall that in recent weeks, SAB reportedly hired firms to help fend off a bid.
"No proposal has yet been received and the board of SABMiller has no further details about the terms of any such proposal," SABMiller said in a statement, reportedly in response to looming Financial Times coverage.
"There can be no certainty that an offer will be made or as to the terms on which any offer might be made," statement continued. "In the interim, shareholders are strongly advised to retain their shares and to take no action."
A-B confirmed the approach in its own statement, saying its
"intention is to work with SABMiller's board toward a recommended transaction."
ABI HAS LESS THAN 30 DAYS NOW FOR OFFICIAL OFFER. "In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code"), AB InBev must, by not later than 5.00 p.m. on Wednesday 14 October, 2015, either announce a firm intention to make an offer for SABMiller in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for SABMiller, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies," release confirmed. "This deadline will only be extended with the consent of SABMiller and the Takeover Panel in accordance with Rule 2.6(c) of the Code."
More as it comes in.
Until tomorrow, Harry
"I stopped believing in Santa Claus when my mother took me to see him in a department store, and he asked for my autograph." - Shirley Temple
Don't forget to register for Beer Summit 2016 in New Orleans January 25-26 at The Roosevelt hotel. Lineup will be announced later this month. Tickets go quickly, so reserve your spot today: beernet.com/beer_summit.php
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