Super brewery: Budweiser owner agrees to takeover terms for main rival

The prospect of the biggest foreign takeover of a British firm has taken a leap forward, with the owner of Budweiser agreeing terms with SABMiller. While no formal offer for the FTSE 100 company has yet been submitted by AB InBev, SAB said its board was giving unanimous backing to an upwardly revised approach - reported by Sky News on Monday.

The board of SABMiller has indicated to AB InBev that it would be prepared unanimously to recommend the all-cash offer of £44 per SABMiller share to SABMiller shareholders.

n a joint statement, the brewing giants said.

The fifth offer represented a 50% premium on the share price of SABMiller, best known in the UK for the Peroni beer brand, before the first approach was made. The latest deal on the table would value SAB at almost £70bn ($107B USD) - making it the fourth highest-value takeover of all time. The fresh proposal of £44-per-share was made following a mixed response among major shareholders to AB InBev’s previous approaches.

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