LONDON (AP) – Brewer Anheuser-Busch InBev has increased its cash offer for SABMiller to 45 pounds ($58.98) per share after pressure from investors who had seen the value of the bid drop as the pound declined following Britain’s vote to leave the European Union.
The maker of Budweiser increased the offer Tuesday by one pound a share, valuing the total transaction at 79 billion pounds.
SABMiller had accepted, in principle, a takeover bid in a deal that seeks strength in size – the world’s two largest brewing companies would together control nearly a third of the global market.
But the pound has plunged by more than 10 percent since the June 23 referendum calling for a British exit from the EU. That has reduced the value of the all-cash offer, which most SABMiller shareholders were considering.
Investor Aberdeen Asset Management on Tuesday made plain its unhappiness with both the new offer and the overall situation.