Takeover rules forced hand of SABMiller

The world’s largest brewer wanted to keep the biggest deal of the year under wraps. Market chatter and the UK’s unique takeover rules got in the way.

The Takeover Panel forced SABMiller to release a statement about an approach from Anheuser-Busch InBev after speculation on Tuesday sent London-based SAB- Miller’s shares up as much as 4.1%.

The disclosure triggers a 28-day timeline for a formal, fully financed bid. Known as the put-up-or-shut-up rule, if AB InBev decides to walk away from the transaction it can not come back for six months.