"What multiple is ABI paying for SABMiller? Initial headline multiple – attractive (GBP 44 offer)
We estimate a headline EV (estimated value) to EBITDA multiple (based on SABMiller F16A EBITDA) 16.9x which drops to a 14.1x multiple including USD 1.4bn synergies and 11.9x including Jefferies estimate of USD 3.0bn synergies (pre-disposals)."
I guess we know where Bai got their benchmark for their asking price.