Aberdeen welcomes legal decision to split SABMiller shareholders for takeover vote

The shareholder vote scheduled for September 28 requires 75 per cent approval from shareholders.

Following the legal decision, Altria Group and Bevco, SABMiller’s two largest shareholders, will be split into a separate group from the rest of the firm’s shareholders when the takeover deal goes to a vote on.

The High Court ruling now means each group will have to reach the three quarters threshold to approve the deal.

Together, Altria Group and Bevco own about 40 per cent of SABMiller.

The SABMiller board has recommended shareholders accept the Belgian brewer’s all-cash offer of £45 a share, valuing the London-listed firm at around £79bn.

Investors including hedge fund Elliot Engagement and Aberdeen have previously raised concerns about the deal.

Aberdeen welcomed the court’s ruling and reiterated the firm’s plan to vote against the deal and urged other shareholders to follow suit.

A statement from Aberdeen read: “We are pleased the court has acknowledged the reality of the situation which will help to ensure that the views of the rest of the investor base have due weight.”

It added: “We would welcome other investors who value good corporate governance and recognise the superior long-term value from continuing to hold SABMiller as a standalone entity voting in a similar fashion.”