The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
AB InBev is serving shareholders of SABMiller a cocktail of sweetness and cynicism. The Budweiser brewer has increased its takeover offer for the UK drinks group just enough to give agitating hedge funds who hold shares in its UK rival a dignified exit. But the extra dash of cash mostly ignores the fact that AB InBev’s offer is worth far less, in U.S. dollar terms, than it was in November.