Anheuser-Busch InBev's SABMiller acquisition - What happens next?

On 29 July, Anheuser-Busch InBev's intended acquisition of SABMiller overcame two major hurdles - clearance from the Chinese authorities and confirmation that SABMiller's board would recommend the new offer of GBP45 per share.

Completion of the deal is still subject to conditions - including the approval of both SABMiller and AB InBev's shareholders. But the path to MegaBrew is much clearer and the companies have set out a timetable to outline what happens between now and the intended completion of the deal - set for 10 October:

2 August: Publication of merger terms

22 August: UK scheme directions hearing. At this hearing, SABMiller will determine with the UK court whether Altria and/or BevCo should be treated as one class along with all the other SABMiller shareholders or as part of a separate class - the latter a condition that SABMiller's board called for on Friday

26 August: Publication of other transaction documents to AB InBev, SABMiller and shareholders of holding company Newbelco.
28 September: AB InBev general meeting, SABMiller UK scheme court meeting, SABMiller general meeting and Newbelco general meeting

5 October: UK scheme court sanction hearing and last day of dealings in SABMiller shares

7 October: Belgian offer opens and closes. Latest time for making or revising elections for the cash consideration or partial share alternative

10 October: Belgian merger becomes effective and combination completes

11 October: New listing of the combined group on Euronext Brussels, and secondary listings on the Johannesburg Stock Exchange, the Mexico Stock Exchange and the listing of Newbelco ADSs on the New York Stock Exchange.

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