百威英博提高收购SABMiller报价
Anheuser-Busch InBev, the world’s largest brewer, has unilaterally raised its offer for rival SABMiller to ￡79bn to quash an investor rebellion that threatened to disrupt the third-biggest deal in corporate history.
全球最大啤酒酿造商百威英博(Anheuser-Busch InBev)单方面将收购竞争对手SABMiller的报价提高至790亿英镑，以平息可能破坏这笔史上第三大并购交易的投资者抗议。
The maker of Budweiser and Stella Artois beers decided at a board meeting on Monday to boost its takeover offer, in order to stem growing pressure from some SABMiller shareholders to revise the terms following a steep drop in the value of sterling.
旗下拥有百威(Budweiser)和时代(Stella Artois)等啤酒品牌的百威英博在周一的董事会上决定提高收购报价，以化解SABMiller一些股东的日益上升的压力，他们要求在英镑汇率大幅下跌后修改收购条款。
AB InBev said yesterday that each SABMiller investor could choose between ￡45 a share in cash or a mostly stock alternative now worth ￡51.14, which will not be tradeable for five years. The new terms represent an increase of ￡1 a share on the cash offer and an increase of about 88p a share on the stock alternative in a deal to create the world’s dominant brewer by market share. AB InBev declared its revised offer “final”, meaning that it will not be able to increase it again.
百威英博昨日表示，SABMiller投资者可以选择每股45英镑现金，或者以股票为主的替代选择，其现在价值为每股51.14英镑，但在5年内不可交易。新的收购条款代表着现金收购报价每股提高1英镑，股票替代方案的报价每股提高约0.88英镑，这笔交易将缔造一家在全球占统治地位的啤酒酿造商（以市场占有率计算）。百威英博称修改后的报价为“最终”价格，这意味着该公司不能再上调报价。
SABMiller said that Jan du Plessis, its chairman, had spoken to Olivier Goudet, his counterpart at AB InBev, on Friday last week about the takeover “in light of recent exchange rate volatility and market movements”. It said that they did not discuss or agree terms. It would consult with shareholders to review the revised offer.
SABMiller表示，上周五，“鉴于最近的汇率波动和市场走势”，该公司董事长杜立石(Jan Du Plessis)与百威英博董事长奥利维尔•古戴(Olivier Goudet)商谈了这笔收购交易。SABMiller表示，两位董事长没有讨论或商定收购条款。SABMiller将征求股东意见，评估修改后的报价。
AB InBev’s decision to alter its offer followed weeks of complaints from investors over the original terms of the complex agreement. Martin Gilbert, chief executive of one of SABMiller’s shareholders, Aberdeen Asset Management, had earlier said his company was “leading the charge” for renewed terms.
在投资者对于这项复杂协议的原始条款抱怨数周后，百威英博决定修改报价。SABMiller股东之一安本(Aberdeen Asset Management)首席执行官马丁•吉尔伯特(Martin Gilbert)早些时候表示，他的公司“带头要求”修改收购条款。
Aberdeen said the new deal “remains unacceptable as it both undervalues the company and continues to favour SABMiller’s two major shareholders”.
安本表示，新的协议“仍不可接受，因为它既低估了这家公司，而且继续有利于SABMiller的两家主要股东”。
But Trevor Stirling, analyst at Bernstein, said the total cost to AB InBev of the increased offer was $2bn on top of an already high price.
但伯恩斯坦(Bernstein)分析师特雷弗•斯特林(Trevor Stirling)表示，百威英博修改后报价较之前已是很高的报价高出20亿美元。
Hedge fund managers had been arguing that the mostly stock alternative was designed to appeal to SABMiller shareholders Altria, the US tobacco company, and BevCo, investment vehicle of the Santo Domingo brewing family. They own about 40 per cent of SABMiller .
对冲基金经理此前辩称，以股票为主的替代方案旨在吸引SABMiller股东美国烟草公司奥驰亚(Altria)以及桑托•多明戈(Santo Domingo)酿造家族旗下投资机构BevCo。这两家公司持有SABMiller约40%股权。
