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Brewer SABMiller has rejected an “informal” takeover offer from Anheuser-Busch InBev of about $100 billion as being too low, a media report said on Tuesday, pushing down its share price.
The proposal made last week was worth slightly over 40 pounds per share, according to Bloomberg, which cited sources familiar with the matter. SABMiller executives and some shareholders regarded a price closer to 45 pounds as representing fair value, it added.
SABMiller and AB InBev both declined to comment on the report, cited by traders as the reason behind a drop in SABMiller shares, which were down 3.2 percent at 36.4 pounds at 1236 GMT. As of Monday’s close, the shares had been up 25 percent since AB InBev’s takeover approach was revealed on September 16.
A source familiar with the matter told Reuters that discussions were ongoing and there was talk of both sides possibly asking for an extension of the October 14 deadline for a formal bid, given the complexity of such a deal.
UK-based SABMiller, the world’s No. 2 brewer, makes beers including Peroni and Grolsch, while Belgium-based market leader AB InBev’s products include Budweiser, Stella Artois and Corona.