JUST hours before SABMiller confirmed its shareholders had overwhelmingly approved the Anheuser-Busch InBev (AB InBev) deal, Remgro announced a R9.9bn rights offer intended to fund the acquisition of SABMiller’s 26.4% stake in Distell.The offer of 10 shares for every 100 held has been pitched at R192.50, a 20% discount on the Remgro pre-announcement price. Remgro’s share price was almost 500c weaker on Wednesday at R236.94, while Distell gained almost as much, closing 453c higher at R167.50.The move, which has been the subject of several years of speculation, came much closer to being realised in July when SA’s competition authorities made the sale of Distell one of the conditions of its approval of the beer merger. The Distell stake must be sold within three months of the beer merger’s completion on October 10.In the Sens announcement of the rights issue, Remgro referred to the pre-emptive right it and Capevin Holdings had to purchase the Distell shares."No agreement regarding the ...
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