SABMiller shareholders Altria and Santo Domingo family expected to have board seats after AB InBev takeover; SABMiller shareholders positive on deal
SABMiller [LON:SAB] shareholders Altria and the Santo Domingo family are expected to be given board seats should the proposed takeover by Anheuser-Busch InBev [NYSE:BUD] proceed, the Financial Times reported. The newspaper cited people close to the matter for the information, which was mentioned in an article about the GBP 68bn (EUR 91.62bn) deal struck “in principle” between the FTSE-100 brewing company SABMiller and Belgian rival AB InBev.
Altria, the Virginia-based tobacco that is SABMiller's largest shareholder with a 27% stake, has already said it will take the partial share offer option offered by AB InBev, the report said. BevCo, the Santo Domingo family's holding company, will probably also accept the share alternative, the item added. As previously reported, BevCo holds a 14% stake in SABMiller.
Separately, The Daily Telegraph quoted Ian Liddle, the chief investment officer of the fund management firm Allan Gray, who said SABMiller’s management had negotiated well on behalf of shareholders. Allan Gray is the 12th largest investor in SABMiller, the item noted.
The report went on to quote Gardner Russo & Gardner’s Tom Russo, who described the takeover as a “historic opportunity.” Garnder Russo & Gardner owns shares in SABMiller and AB InBev, with each stake worth around USD 650m (EUR 570m), the item added.
SABMiller’s share price closed 326.5p up at 3948.0p in London yesterday, 13 October, valuing the company at GBP 63.92bn (EUR 85.77bn).
Financial Times, Daily Telegraph