SABMiller rejects AB InBev’s 3rd acquisition offer

BRUSSELS — Anheuser-Busch InBev’s plan to acquire fellow-beer maker SABMiller and form the “first truly global beer company” is once again stalled, as SABMiller’s board rejected the company’s latest acquisition offer on Wednesday.

AB InBev — which produces Budweiser and Corona, among other brands — offered SABMiller about 68 billion pounds ($108 billion), or about 42.15 pounds per share of the company on Wednesday in its third offer for acquisition. SAB Miller also rejected the previous two offers — one for 38 pounds per share on Sept. 22 and 40 pounds per share on Oct. 5.

“The Board of SABMiller has now met formally to consider the new proposal announced by AB InBev today,” SABMiller, which produces Coors and Miller brands of beer, among several others, said. “The Board, excluding the directors nominated by Altria Group Inc., has unanimously rejected the … proposal as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects.” 

When it announced its offer, AB InBev was optimistic about its appeal to the SABMiller shareholders.

“We have the highest respect for SABMiller, its employees and its leadership, and believe that a combination of our two great companies would build the first truly global beer company,” AB InBev CEO Carlos Brito said. “By bringing together our rich heritage, brands and people we would provide more opportunities for consumers to taste and enjoy the world’s best beers. … Put simply, we believe we can achieve more together than each of us could separately, bringing more beers to more people and enhancing value for all of our stakeholders.”