7th October, 2015 by Neal Baker
SABMiller has turned down what it calls an `opportunistic` $68 billion takeover offer from AB Inbev, saying that it `substantially undervalues` the company.

The board of SABMiller claimed the approach by AB Inbev, which valued the company at £42.15 per share, was `timed opportunistically` to take advantage of SABMiller`s recently lowered share price.

Details of the proposal discriminated against SABMiller shareholders who may not be able to hold unlisted shares, the Peroni and Miller producer said.

The offer also failed to spell out the possible regulatory constrictions that could disrupt the deal, `especially in the US and China` it claimed.

However, SAB Miller`s largest shareholder Altria, which controls 27% of the brewer, issued a statement this morning saying it approved of a bid price of £42.15 per share or more.

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