Analysts said that is increasingly likely as the take-up seems likely to fall short of target without derailing the deal.

They saw SAB's move last week, in which it raised its cost-savings target, as aimed at maximizing value, not derailing the deal.

They saw SAB's move last week, in which it raised its cost-savings target, as aimed at maximising value, not derailing the deal.

While international activists have made little impact in South Korea, observers say Elliott's move is more about securing better terms than derailing the deal altogether.