AB InBev, SABMiller OK in principle to set up beer merger
By Associated Press
Oct 13, 2015 2:09 AM CDT
FILE - In this Thursday, March 5, 2015 file photo, Budweiser beer cans at a concession stand at McKechnie Field in Bradenton, Florida, USA. Budweiser brewer Anheuser-Busch InBev has raised its takeover bid for SABMiller to 70.4 billion pounds ($108.2 billion) Monday, Oct. 12, 2015 in its latest effort...   (Associated Press)

BRUSSELS (AP) — Belgian-Brazilian AB InBev have announced an agreement in principle with SABMiller to take over the brewer at 44 pounds ($67.63) a share to create the world's biggest beer giant.

The brewer of Budweiser and Stella Artois said Tuesday it had increased its offer overnight for the world's second-largest brewer and that both boards "reached agreement in principle on the key terms of a possible recommended offer."

AB InBev has been trying for nearly a month to get its hands on SABMiller but its previous offers have met with resistance. On Monday, it was hoping that its latest offer, which valued SABMiller at 43.50 pounds a share — 14 percent higher than its initial offer — would finally win the day but it still upped its offer.