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Monday, October 12, 2015

SABMiller investors speak out as they hope for higher bid, (NYSE: MO)

Three of SABMiller's top 10 shareholders have spoken out in support of the brewer's board spurning bigger rival Anheuser-Busch InBev's $100 billion takeover offer, piling pressure on the maker of Budweiser to raise its bid.Investors on Monday were expecting an improvement to AB InBev's last offer, which at 42.15 pounds per share in cash for most shareholders was rejected by SABMiller as "very substantially" undervaluing the company. A higher offer in the range of 43 to 44 pounds a share is a possibility, a source familiar with the matter said on Sunday.AB InBev has until 1600 GMT on Wednesday to launch a formal bid for the maker of Peroni and Grolsch, in what would be the biggest UK company takeover ever. It has already made three informal offers, which were rejected by SAB's board excluding the three directors nominated by cigarette maker Altria Group , SAB's largest shareholder with a 27 percent stake.

Altria Group, Inc. is a holding company. The Company's reportable segments include smokeable products, smokeless products and wine. Shares of MO traded higher by 0.78% or $0.44/share to $56.81. In the past year, the shares have traded as low as $44.59 and as high as $57.50. On average, 7052460 shares of MO exchange hands on a given day and today's volume is recorded at 8383094.