The UK High Court has backed a proposal to exclude SABMiller’s two largest shareholders from a vote on the proposed £79bn takeover by AB InBev.
The move, which is designed to defuse tension among smaller investors, means tobacco company Altria and investment firm BevCo – who have both committed to backing the terms of the takeover - will be treated as a separate class of shareholder.
Under the proposal, instead of a single vote requiring the support of 75% of all shareholders, 75% of each group would need to vote in favour of the deal.
SABMiller also has the option of calling a single vote, from which Altria and BevCo would abstain.
The High Court ruled that there was no “legal or practical necessity” to require all shareholders to be treated as the same class.
A general meeting of SABMiller shareholders is scheduled for September 28, with AB InBev investors meeting on the same day.
Ab InBev has said it expects completion of the combination on 10 October
