SABMiller believes ABIs offer undervalues the company

SABMiller believes ABI's offer undervalues the company

The board of SABMiller has formally rejected Anheuser-Busch InBev's offer of GBP42.15 per share, stating that the proposal undervalues the company.

A statement from SAB said that the board has met this afternoon to formally consider the proposal and "excluding the directors nominated by Altria Group Inc, has unanimously rejected the GBP42.15 proposal as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects".

The statement from SAB was made without the prior agreement or approval of AB InBev and follows an announcement from SABMiller earlier today, which strongly suggested the company would reject the offer.

For just-drinks' full coverage of AB InBev's move for SABMiller, click here