U.K. regulators gave Anheuser-Busch InBev NV yet another week to make a formal takeover offer for SABMiller Plc 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 on Wednesday. British regulators had previously pushed back the deadline by two weeks, to Oct. 28, and then by another week to Wednesday.
The companies have made “good progress” in agreeing to the terms of the offer, they said, and AB InBev confirmed that funds for the cash part of the bid are in place. AB InBev agreed to pay 44 pounds a share in cash for a majority of SABMiller stock last month after weeks of haggling over price.
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