The SABMiller board of directors has unanimously rejected Anheuser-Busch InBev’s latest offer to buy the company for GBP 42.15 per share in cash, which would have given it a value of nearly £68 billion, or $103.6 billion. A-B made the proposal today. The offer is the company’s third for SABMiller; the prior two were written proposals in private to SABMiller, the first at GBP 38.00 per share in cash and the second at GBP 40.00 per share in cash, according to A-B.
“A-B InBev is disappointed that the board of SABMiller has rejected both of these prior approaches without any meaningful engagement,” the company said in a statement prior to learning of SABMiller’s latest rejection.
SABMiller said in a statement that its board, “excluding the directors nominated by Altria Group Inc., has unanimously rejected the GBP 42.15 proposal as it still very substantially undervalues SABMiller, its unique and unmatched footprint and its standalone prospects.”
It first became known publicly that A-B was pursuing the SABMiller business in mid-September.