U.K. regulators gave St. Louis-based A-B InBev yet another week to make a formal takeover offer for SABMiller as the two brewers inch closer to securing the industry’s biggest-ever deal.
A deadline for the Budweiser maker to bid for its nearest competitor has been extended until 5 p.m. London time on Nov. 11, the companies said in a statement Wednesday. British regulators had previously pushed back the deadline by two weeks, to Oct. 28, and then by another week to Wednesday. A-B InBev shares rose 0.6 percent to 109.2 euros in early Brussels trading, while SABMiller was little changed at 4,009 pence in London.
The companies have made “good progress” in agreeing to the terms of the offer, they said, and A-B InBev confirmed that funds for the cash part of the bid are in place.