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SABMiller board backs AB InBev's higher buyout bid

Of course, the deal is still subject to shareholder approval, but the board's recommendation is a positive sign. One prominent investor earlier in the week voiced opposition to the revised offer, saying it still undervalued the maker of beers including Castle Lager and Pilsner Urquell.

However, SABMiller has told employees to pause integration of its operations to those of AB InBev as the board weighs the sweetened offer.

AB InBev tabled the fresh deal in light of the collapse in the value of the pound following Britain's vote to leave the European Union.

The SABMiller board also said it meant to propose to a U.K. Court that its two biggest shareholders, Altria and BEVCO, be treated as a separate class of shareholders "and therefore to allow other SABMiller shareholders to vote on the revised offer separately".

Denver-based Molson Coors, which on Monday announced leadership changes to take effect once the deal closes, also declined to comment, as did AB InBev.

Shareholders in SABMiller will receive £45 a share under the enhanced deal - valuing the company, whose brands include Peroni and Bulmers, at approximately £79bn.

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This divestment, which was previously announced between AB InBev and China Resources Beer, is conditional on the successful closing of the combination of AB InBev with SABMiller.

Aberdeen Asset Management, which owns 1.1pc of SAB, has already called the £45 per share offer "unacceptable". Both AB InBev and SABMiller had closed in Europe when the memo become public.

AB InBev has agreed to a series of concessions to win the greenlight from the competition authorities, including the sale of stakes in Snow Breweries in China.

The board of London-listed drinks giant SABMiller has supported a final takeover offer from Anheuser-Busch InBev, the brewer of Budweiser.

With shareholders concerned about the changing value of the deal with declines in the United Kingdom pound in the wake of the Brexit vote, AB InBev on Tuesday increased its offer from 44 pounds (about $58) per share to 45 pounds (about $60). Others such as Twin Capital Management LLC want the deal to go through.

SABMiller needs the approval from holders of 75 percent of its shares if the board recommends the offer. Under U.K. takeover rules, a final offer can't be increased.

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