UPDATE: Anheuser-Busch InBev Responds to SABMiller Announcement

Busch InBev

notes the announcement from the Board of SABMiller plc

rejecting AB InBev's proposal of GBP 42.15 per share in cash, with a partial share alternative. AB InBev is surprised that the Board of SABMiller (excluding the directors nominated by SABMiller's largest shareholder, Altria Group, Inc., who dissented) continues to say that this proposal "still very substantially undervalues SABMiller". This lacks credibility because: The cash proposal represents a premium of approximately 44% to SABMiller's closing share price of GBP 29.34 on 14th September 2015 (being the last business day prior to renewed speculation of an approach from AB InBev); and Altria Group, Inc., which owns 27% of SABMiller and has three representatives on the Board, has publicly stated that it supports our proposal and "urges SABMiller's board to engage promptly and constructively with AB InBev to agree on the terms of a recommended offer". The Board of SABMiller has also referred to the highly conditional nature of the proposals, including significant regulatory hurdles in the US and China, "on which AB InBev has not yet provided comfort to SABMiller".  Together with its advisers, AB InBev has