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The Courtship Begins
Read moreAmid the latest round of press speculation, SABMiller issues a statement confirming that AB InBev plans to make an acquisition offer. In a separate statement, AB InBev confirms its interest in SABMiller but also emphasizes that there is no guarantee a formal offer will be made. -
A Modest Proposal
AB InBev makes a private proposal to SABMiller, but the £38-per-share offer — available in all-cash or with a partial share alternative — is rejected for undervaluing the brewer. -
Sweetening The Deal
AB InBev lobs a sweetened private proposal worth £40 per share in cash, with a partial share alternative at SABMiller, but is again shot down. -
Re-upping The Offer
AB InBev again ups its offer, saying it will pay £42.15 per share in cash, with a partial share alternative. This time AB InBev takes the proposal public, issuing a presentation defending its latest proposal and noting that the two brewers have been unable to reach an agreement.
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Rejected
SABMiller again rejects AB InBev’s proposal, calling the offering “highly conditional” and contending the offer price still undervalues the brewer and its “unique and unmatched footprint.”
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Familial Pressure
SABMiller’s largest shareholder, Altria Group, says it supports the tie-up and urges SABMiller’s board of directors to reconsider. However, BevCo Ltd., another major SABMiller shareholder, is not currently in favor of the deal. -
Bruised Egos
AB InBev fires back at SABMiller’s rejection, saying it is “surprised” and adding that the argument that the offer undervalues the company “lacks credibility.”
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Back to the Negotiating Table
AB InBev fires off a fourth offer just two days before its time to make a firm proposal under U.K. takeover law is set to expire. Under the newest bid, AB InBev says it will pay £43.50 per share with a partial share alternative available for about 41 percent of SABMiller shares — the amount held by Altria and BevCo. -
Last Offer
SABMiller announces that both beer giants are willing to entertain £44 per share cash offer, the fifth proposal made AB Inbev. The $103 billion offer includes a partial share alternative of 0.483969 unlisted shares and £3.7788 in cash for each SABMiller share, available for up to 41 percent of SABMiller stock. AB InBev also agrees to a $3 billion breakup fee in the event the deal fails to gain regulatory clearance.
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'Put Up or Shut Up'
SABMiller says the U.K. takeover panel signed off on an extension of AB InBev’s so-called “put up or shut up” deadline, giving the brewer until 5 p.m. on Oct. 28 to announce a firm intention to make an offer for SABMiller.
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Seeking Blessings
Senators Amy Klobuchar, D-Minn., and Mike Lee, R-Utah, announce that the Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights would hold a hearing on the proposed purchase to investigate how such a massive consolidation will impact casual consumers and small businesses
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Writing Vows
AB InBev finishes up its due diligence and reconfirms its willingness to move forward with the deal, adding that it has also readied financing for the cash component of the deal that can be executed quickly. -
Cold feet?
Although AB InBev confirmed its willingness to move forward with the $103 billion deal, the pair have yet to agree on all aspects of the transaction. SABMiller gains approval to again extend the put-up or shut-up deadline. The extension gives AB InBev until 5 p.m. on Nov. 4 to announce plans to make a firm offer.
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Big Day Delayed
AB InBev and SABMiller again push back the put-up or shut-up deadline, this time giving the pair until November 11 at 5 p.m. to fine-tune the deal. In a joint statement, the brewers say they are making progress and are getting closer to agreeing on a firm proposal.