AB InBev (BUD) Stock Climbs on Deal Deadline Extension
NEW YORK (TheStreet) -- Anheuser-Busch InBev SA (BUD) - Get Report shares are up by 0.43% to $119.32 in early market trading on Wednesday, after British regulators extended the deadline for the company to make a formal merger offer to rival SABMiller (SBMRY).
The companies announced in a joint statement released today, that London's Panel on Takeovers and Mergers granted SABMiller's request to extend the deadline to midnight ET on Wednesday, November 11.
Last week, AB InBev CFO Felipe Dutra said that the two sides needed an extension for lawyers to finalize documents related to shareholder support for the deal.
The most recently publicized bid has the deal valued at about $107 billion, or 44 pounds per SABMiller share.
The merger would give the combined company about a third of the global beer market share.
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