AB InBev announced today that it has received a deadline extension from the U.K Takeover regulators until 5pm on November 4 to formalize its merger with SABMiller.

AB InBev said it had carried out a due diligence of its takeover proposal of SABMiller and had been granted another week by the U.K Takeover Panel to make a formal bid.

AB InBev also said it has arranged financing for the deal. People who are close to the ongoing discussions said that AB InBev was working with 21 banks on its financing, which could amount to as much as $70bn.

The proposal includes a cash offer of £44 per share, which is a 50% premium to SABMiller’s share price before reports of a potential takeover surfaced in Mid-September.

The deal also includes a partial-share alternative of 41% of stock, which translates to a lower per-share price of £39.03.The alternative was fashioned to appeal to SABMiller’s two largest shareholders, cigarette giant, Altria Group, and the BevCo Limited Investment arm of Colombia’s Santo Domingo family.

The two companies have also been working to come to an agreement on the sale of SABMiller’s 58% stake in the MillerCoors LLC joint venture in the United States to its partner Molson Coors Brewing Co. , which holds the remaining 42%, according to the person familiar with the discussions. There will also be competition issues in China, where the combined share of the two companies would amount to more than 40 per cent of the beer market.

Earlier on October 13, AB InBev and SABMiller announced that they had reached an agreement ‘in principle.’ The original deadline at the time was October 14. However, with both companies announcing an agreement a day earlier, the deadline was extended to October 28 to allow both parties to continue discussions and for AB InBev to formalize its offer.

Today both companies announced that the U.K Takeover Panel has agreed to extend the deadline once more to 5pm on November 4.