Global brewing giant SABMiller has launched a $1,36-billion (R9,1-billion) offer to minorities of Colombian brewer Bavaria SA, in which it recently purchased a 71,8% stake.
In terms of the offer, detailed on Friday, SABMiller is offering $19,48 per share in cash. Should all minorities accept the offer, it will cost SABMiller a total of $1,36-billion.
The move comes shortly after SABMiller launched a tender offer of $25,34 per share to buy out the remaining shareholders in Backus y Johnston, Peru’s largest brewer. SABMiller holds a 79,7% stake in Backus as a result of its Bavaria acquisition.
That offer remains open until November 3, and could cost up to $478-million.
Colombia’s Santo Domingo family, which holds 15,1% of SABMiller as their price for selling Bavaria to the global brewer, as well as the International Finance Corporation (IFC), the multilateral development finance body, have already committed to selling a combined 4,62% stake in Bavaria to SABMiller.
The family have reaffirmed their long-term commitment to holding SABMiller shares, however. This leaves smaller shareholders, in Colombia but also scattered in other South American countries, to accept or reject the offer. — I-Net Bridge