Megabrew deal goes flat again: SABMiller share price loses gains as it rejects another AB Inbev offer

 
Emma Haslett
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The deal would create the world's largest brewer (Source: Getty)

Brewing giant SABMiller just doesn't want to mix its drinks. The company has rejected a new offer from rival AB Inbev.

In a statement this afternoon, the company said the deal, worth £42.15 per share, "substantially undervalues [the company], its unique and unmatched footprint, and its standalone prospects". Calm down...

The merger, dubbed "Megabrew", would create the world's largest brewer, worth £177bn.

This morning SABMiller chairman Jan du Plessis called the company, which owns brands such as Peroni and recently-acquired Greenwich-based craft brewer Meantime, "the crown jewel of the global brewing industry".

"AB InBev needs SABMiller but has made opportunistic and highly conditional proposals, elements of which have been deliberately designed to be unattractive to many of our shareholders," he continued.

Having risen as high as 3,782.8p in early trading, SABMiller fell back to 3,643.5p in mid-afternoon trading, which was nevertheless 0.6 per cent up.

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