The world’s biggest brewer Anheuser-Busch InBev on Wednesday said it and takeover target, British rival SABMiller, had agreed to extend its massive offer by a week to allow for further discussions.
InBev, the giant behind top lager brands like Beck’s, Budweiser and Stella Artois, said it had completed a review of the SABMiller business and confirmed the terms of its bid, worth more than $120 billion when debt is included.
“In order to allow SABMiller and AB InBev to continue their discussions with respect to other aspects of the transaction … SABMiller has requested the (authorities) to extend the relevant deadline until 5:00 pm on 4 November 2015,” a statement said.
Britain’s takeover panel had agreed to the request, it said in a statement.
Earlier this month, InBev, which also brews Hoegaarden and Leffe beers, said it would pay £44 per share (60.92 euros, $67.32) in cash for SABMiller which counts Foster’s, Miller Genuine Draft and Peroni among its brands.
The London-based SABMiller had rejected four previous offers, saying they undervalued the company and were opportunistic.
InBev, a Belgian-Brazilian behemoth formed in 2008, is eager to tap into booming markets in Africa and China, where SABMiller’s joint venture produces Snow — the world’s best selling beer by volume.