AB InBev & SABMiller merger due to complete on October 10
Completion of the merger remains subject to a number of conditions, including approval of AB InBev and SABMiller shareholders.
The merger terms are being published today, August 2.
SABMiller’s Board has recommended the revised offer made by AB InBev last week.
One key step will be a UK Court hearing on August 22, which will determine whether SABMiller shareholders should be divided into two classes, with each needing to approve the terms.
Splitting the vote means the deal would need backing from up to 85% of the shares (rather than 75% required in a unified vote).
AB InBev and SABMiller will both hold their shareholder meetings on September 28.
The deal is expected to complete on October 10, with trading from the combined group starting on October 11.
The full timeline is outlined further down the page.
Megabrew: Brexit turmoil
November 11, 2015: AB InBev and SABMiller formalize the terms of AB InBev’s £71bn / $107bn offer for SABMiller (currency conversion using the exchange rate of the time).
June 24, 2016: Brexit: Following the EU referendum on the 23 June, the UK’s decision to leave the EU is announced.
July 26, 2016: AB InBev raises its offer for SABMiller, after Brexit results in a fall in the pound. The fall in the pound had reduced the attractiveness of the November offer to SABMiller shareholders.
July 29, 2016: The deal receives regulatory clearance in China. Following the clearances announced in the EU, South Africa and US, all pre-conditions to the proposed combination have now been satisfied.
July 29, 2016: The SABMiller Board recommends that shareholders accept the revised takeover offer from AB InBev, although comments that the cash consideration of £45 per share is ‘at the lower end of the range of values considered recommendable.’
Timeline for AB InBev and SABMiller merger:
Publication of Merger Terms: August 2, 2016.
UK Scheme Directions Hearing: August 22, 2016.
Publication of other transaction documents to AB InBev, SABMiller and Newbelco shareholders: August 26, 2016.
AB InBev General Meeting, SABMiller UK Scheme Court Meeting, SABMiller General Meeting and Newbelco General Meeting: September 28, 2016.
UK Scheme Court Sanction Hearing and last day of dealings in SABMiller shares: October 5, 2016.
Belgian Offer opens and closes: October 7, 2016.
Latest time for making or revising elections for the Cash Consideration or Partial Share Alternative: October 7, 2016.
Belgian Merger becomes effective and combination completes: October 10, 2016.
New listing of the combined group on Euronext Brussels, and secondary listings on the Johannesburg Stock Exchange, the Mexico Stock Exchange and the listing of Newbelco ADSs on the New York Stock Exchange: October 11, 2016.
