Now there’s a possibility the biggest ever takeover offer of a London listed company could be heading for the slops tray. Like a neglected glass of Stella, the AB InBev bid for SABMiller has lost its fizz. In US dollar terms, the offer has in effect… The big problem is the plunge in sterling since the referendum result. Even after allowing for the 2 per cent increase in the cash offer to £45 a share yesterday, SAB’s non-UK shareholders will receive far less than they might have expected last November.

Source: The Times July 26, 2016 22:52 UTC