On October 13, 2015, SABMiller and AB InBev announced that they had reached agreement in principle on the key terms of a possible recommended offer.
The $104bn (£68bn) proposal stated that SAB shareholders would receive £44 per share in cash.
The takeover would mark one of the top five deals in corporate history and mean that ‘mega- brew’ would make a third of the world’s beer.
In a joint statement, the companies said: “AB InBev has now completed its confirmatory due diligence review of SABMiller and reconfirmed the financial and other terms of the possible offer.
“AB InBev has also confirmed that facilities which will allow AB InBev to provide certain funds in support of the cash components of the possible offer have been negotiated and can be executed at short notice.”
SABMiller had requested the extension to allow the companies to continue discussions “with respect to other aspects of the transaction”.
The UK Panel on Takeovers & Mergers has given the world’s two largest brewers a new deadline of 17.00 GMT on November 4.