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  • Tue, Sep. 20, 4:28 PM
    • Shareholders holding sizable positions in SABMiller (OTCPK:SBMRY) are in the spotlight as the company's meeting on September 26 approaches. The vote on the Anheuser-Busch InBev (NYSE:BUD) merger will be the main event of the SABMiller gathering.
    • Large institutional shareholders such as BlackRock and State Street Global Advisers are seen approving the deal because they also own interests in BUD and Molson Coors, but the hedge fund vote is harder to forecast. Some hedgies may gamble and skip out on voting by declining to convert their options and derivatives to save on the exercise tax.
    • Another reason that the merger vote may be closer than anticipated is that both Altria (NYSE:MO) and the Santo Domingo family are excluded from having a say.
    | Tue, Sep. 20, 4:28 PM | 25 Comments
  • Fri, Jul. 29, 11:30 AM
    • The board at SABMiller (OTCPK:SBMRY) officially throws its support behind the acquisition of the company by Anheuser-Busch InBev (BUD +2.4%). The £79B ($104.94B) offer was at the "lower end" of the company's acceptable range.
    • A-B landed its last required regulatory approval earlier today in China after raising its offer for SABMiller at the beginning of the week.
    • The deal brings together a large number of beer brands into the same corporate house even after key divestitures across regions. A partial list of the Megabrew assets includes Bud Light, Budweiser, Michelob, Rolling Rock, Busch, Shock Top, Natural, Goose Island, Blue Point, Four Peaks, Grolsch, Pilsner Urquell, Foster's Lager, and Castle Lager.
    • Shares of MolsonCoors (NYSE:TAP) are up 3.32% with the company now set to control MillerCoors in the U.S. by itself. SABMiller stakeholder Altria (MO +1%) also perked up after the announcement.
    | Fri, Jul. 29, 11:30 AM | 29 Comments
  • Nov. 11, 2015, 3:52 AM
    • AB InBev (NYSE:BUD) has submitted a formal offer to buy SABMiller (OTCPK:SBMRY) for £69.78B ($105.5B), a deal that creates a brewing behemoth and one of the largest mergers in corporate history.
    • Under terms of the agreement, SABMiller will sell a 58% stake in its MillerCoors joint venture to partner Molson Coors (NYSE:TAP) for $12B.
    • A combined AB Inbev/SABMiller would have controlled close to 70% of the U.S. beer market, so the sale of the U.S. division was seen as a concession to competition authorities.
    | Nov. 11, 2015, 3:52 AM | 17 Comments
  • Oct. 28, 2015, 3:56 AM
    • A MegaBrew deal may now take a little longer. SABMiller (OTCPK:SBMRY) and AB InBev (NYSE:BUD) have received permission to extend negotiations for their potential merger, pushing off a deadline under British takeover rules until Nov. 4.
    • AB InBev is offering £44 per SABMiller share, along with a discounted alternative designed for latter's two largest shareholders, Altria (NYSE:MO) and BevCo, which together own 41% of the target company.
    • Previously: SABMiller expected to ask for merger extension (Oct. 27 2015)
    • Previously: Deadline approaches for MegaBrew deal (Oct. 27 2015)
    | Oct. 28, 2015, 3:56 AM | 4 Comments
  • Oct. 13, 2015, 2:46 AM
    • Anheuser-Busch InBev (NYSE:BUD) and SABMiller (OTCPK:SBMRY) have agreed on terms for a takeover, with the world's largest brewer set to pay £44/share for its smaller rival, valuing the group at £69B ($106B).
    • The deal brings one out of every three beers sold worldwide under a single company, and will benefit SABMiller’s two largest shareholders - Altria (NYSE:MO) and BevCo - which account for 41% of the company.
    • Under terms of the agreement, AB InBev would pay a $3B reverse break fee to SABMiller should the transaction fail to clear regulatory hurdles or shareholders don't approve of it.
    • SABMiller +9% in London; BUD +1.9% premarket
    | Oct. 13, 2015, 2:46 AM | 80 Comments
  • Oct. 11, 2015, 9:04 AM
    | Oct. 11, 2015, 9:04 AM | 42 Comments
  • Oct. 7, 2015, 4:41 AM
    • Despite a new raised bid, it looks like SABMiller (OTCPK:SBMRY) is poised to turn down another takeover offer from Anheuser-Busch InBev (NYSE:BUD).
    • "Today's £42.15 proposal is only £0.15 higher than the £42 proposal considered and rejected on October 5," SABMiller said in a statement. "AB InBev is very substantially undervaluing SABMiller."
    • The £42.15/share in cash bid would value the group at £68.2B ($104B) and translate into the largest takeover of 2015.
    • Previously: AB InBev raises takeover offer for SABMiller (Oct. 07 2015)
    | Oct. 7, 2015, 4:41 AM | 23 Comments
  • Oct. 7, 2015, 3:06 AM
    | Oct. 7, 2015, 3:06 AM | 12 Comments
  • Oct. 6, 2015, 7:21 AM
    • Anheuser-Busch InBev (NYSE:BUD) won't try to pull off a hostile takeover of SABMiller (OTCPK:SBMRY) after having its initial informal offer rejected, sources tell New York Post. Those same sources still think a deal can be struck if a formal offer comes in high enough.
    • Shares of BUD are down 0.33% premarket, while SABMiller is 3.5% lower in afternoon London trading. Another stock to watch for volatility today is Altria (NYSE:MO) which owns a sizable chunk of SABMiller.
    • Previously: Bloomberg: SABMiller shoots down AB InBev offer (Oct. 06 2015)
    | Oct. 6, 2015, 7:21 AM | 10 Comments
  • Sep. 18, 2015, 7:18 AM
    • Analysts are raising the odds that Anheuser-Busch InBev (NYSE:BUD) can pull off a takeover of SABMiller (OTCPK:SBMRY) as major shareholders on both sides of the deal see value.
    • A-B is buying a strong emerging markets business at a level artificially-depressed by F/X swings, while SABMiller may be out of options in growing itself to a higher share price than the A-B offer.
    • Swinging a deal require the approval of two key SABMiller shareholders - Altria (NYSE:MO) owns 42% of the U.K.-based beer company and Columbian beer magnate Santo Domingo holds 15% of shares.
    | Sep. 18, 2015, 7:18 AM | 21 Comments
  • Sep. 17, 2015, 4:21 AM
    • The beer industry is calling it "Megabrew" - or the potential $275B merger between Anheuser-Busch InBev (NYSE:BUD) and SABMiller (OTCPK:SBMRY).
    • Word that SABMiller would receive an offer from its bigger rival triggered a beer stock rally yesterday, on hopes the potential takeover would prompt a number of follow-on deals as the two shed assets to win regulatory backing.
    • Separate from those approvals, Anheuser-Busch InBev must also win over a number of important players. Among them are two of SABMiller's biggest investors: Altria (NYSE:MO) and the Santo Domingos, one of the wealthiest families in Colombia.
    • Previously: Anheuser-Busch InBev rocks the food and beverage sector (Sep. 16 2015)
    • Previously: Beer stock rally with M&A on tap (Sep. 16 2015)
    • Previously: AB InBev prepping offer for SABMiller (Sep. 16 2015)
    | Sep. 17, 2015, 4:21 AM | 19 Comments
  • May 26, 2015, 6:47 PM
    • Reynolds American’s (NYSE:RAI) $27.4B purchase of Lorillard (NYSE:LO) wins approval from the FTC on the condition that the companies sell four cigarette brands - Winston, Kool, Salem and Maverick - to Imperial Tobacco (OTCQX:ITYBY, OTCPK:ITYBF), as expected.
    • The FTC also says RAI will have to divest to Imperial the LO manufacturing facilities in Greensboro, N.C.
    • The FTC, which spent nearly a year scrutinizing the deal, says it is satisfied the divestitures would restore market competition that would have been lost through the merger, with Imperial “positioned to be a sufficiently robust and aggressive competitor” to a combined RAI-LO and Altria (NYSE:MO).
    • RAI, which owns the Camel and Pall Mall brands, will boost its market share to ~34% by acquiring LO and its Newport brand, the top-selling menthol cigarette; MO, owner of top brand Marlboro, leads the industry with a 47% share.
    | May 26, 2015, 6:47 PM | 24 Comments
  • Jan. 26, 2015, 2:26 AM
    • Reynolds (NYSE:RAI) Chief Executive Susan Cameron is confident shareholders will approve the Reynolds American and Lorillard (NYSE:LO) deal this Wednesday, which will combines the two to create a more formidable rival against Marlboro (NYSE:MO).
    • Shareholders of Imperial Tobacco (OTCQX:ITYBY) (the third party which is expected to buy several brands of Reynolds American as part of the deal) are also expected to approve the transaction because it turns Imperial into the No. 3 player in the U.S.
    • However, the real test for the merger and the related divestiture of brands will come later this quarter, when the FTC weighs in on deal.
    • Previously: The FTC asks Reynolds American and Lorillard for more info on merger (Aug. 29 2014)
    | Jan. 26, 2015, 2:26 AM | 11 Comments
  • Apr. 29, 2014, 12:55 PM
    • Bankers and lawyers are busy working on potential mergers in the tobacco industry, reports CNBC (video).
    • The biggest buzz is over the potential that Reynolds American (RAI +1.4%) will buy Lorillard (LO +3%) for as much as $80 per share.
    • Though Wells Fargo notes Reynolds would have to divest some significant menthol brands to get a Lorillard deal past regulators, the firm sees a deal as likely.
    | Apr. 29, 2014, 12:55 PM | 14 Comments
  • Feb. 3, 2014, 9:21 AM
    • Altra (MO) purchases Green Smoke Inc. through one of it subsidiaries for $110M.
    • The deal price could rise another $20M if incentives kick in.
    • Green Smoke is a well-known e-cigarette brand.
    | Feb. 3, 2014, 9:21 AM | 11 Comments