Bottles of beer move along a production line at South African Breweries, owned by SABMiller, in Alrode, South Africa.
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Earlier Belgium-based AB InBev said it would be willing to pay 42.15 pounds in cash per SABMiller share, having already made two prior offers at 38 and 40 pounds, the increase made possible if its two biggest shareholders accept a lower value share-and-cash alternative offer.AB InBev is offering an alternative to the cash offer of partial payment in shares, limited to about 41 percent of SABMiller stock and expected to be taken up by the brewer's top two shareholders, Altria and the Santo Domingo family of Colombia, who together own 40.5 percent.With AB InBev intending to buy nearly 41 percent of SABMiller via the partial unlisted shares and cash offer alternative (PUSCA), SABMiller noted this put an implied price tag on SABMiller's equity of just 65 billion pounds.AB InBev said it expected most SABMiller shareholders would accept the all-cash offer but emphasized the proposal was conditional on getting the support of both Altria and BevCo, the Santo Domingo family's company which holds a 13.9 percent stake.SABMiller shares were up 0.9 percent at 36.54 pounds by 1325 GMT, when AB InBev's were 1.4 percent higher at 99.42 euros.
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