LONDON (Reuters) - Fund manager Aberdeen Asset Management ADN.L reiterated on Friday it would vote against the takeover of SABMiller SAB.L by Belgian rival AB Inbev (ABI.BR) after the company said it backed the revised terms.
However, it said it welcomed the SAB board’s decision to treat leading shareholders Altria and Bevco as a separate class of shareholder.
“This acknowledges the reality of the situation and will help to ensure that the views of the rest of the investor base have due weight,” Aberdeen said, although it continued to dislike the deal structure and thought it undervalued SABMiller.
“We would welcome other investors who value good corporate governance and recognise the superior value from continuing to hold SABMiller as a standalone entity voting in a similar fashion.”
Reporting by Simon Jessop. Editing by Andrew MacAskill