An English court decision on the merger between drinks conglomerates Anheuser-Busch InBev and SAB Miller has increased the chances of the deal being derailed - but also put to bed corporate governance concerns surrounding class composition.
The UK’s High Court last week held a hearing to determine shareholders’ class composition, concluding that not all SAB Miller members should be considered in the same class when it comes to voting on a scheme.
The decision reaffirms scheme rules and in that sense, is largely unremarkable.
But the ruling will provide peace of mind for some market participants worried about the potential blow to legal certainty when using a scheme in this way.
“There was some...