After SABMiller (SBMRY) announced that AB InBev (BUD) intends to make a takeover offer for it, Bernstein expects the offer to be at least 30% above SABMiller's price before the announcement. The firm says this translates to a bid of over GBP39 per share for the company's stock traded in London. Bernstein expects the U.S. to insist that SABMiller dispose of its stake in Miller Coors as a condition for the deal, and it thinks the company may also have to dispose of its 49% stake in China's CR Snow. Bernstein estimates that the deal may be 4% accretive to AB InBev in the first year and 13% accretive in the second year. It keeps Market Perform ratings on both stocks.