Anheuser-Busch InBev, the world's largest brewer, on Wednesday increased its bid for its largest rival SABMiller to 42.15 pounds per share in cash, valuing the company at nearly 68 billion pounds ($103.63 billion).
The company said in a statement it had made two prior offers for SABMiller with the second one at 40 pounds per share.
AB InBev said it believed the offer would be attractive to [DATA SAB:SABMiller plc] shareholders, adding it was disappointed the British company had rejected both previous approaches.
The merged group would add Africa and certain Latin American and Asian breweries to AB InBev's large presence across the Americas and bring SABMiller's Peroni, Grolsch and Pilsner Urquell to AB InBev's existing line-up including Budweiser, Stella Artois and Corona.
SABMiller excluding the directors nominated by Altria Group unanimously rejected the GBP 42.15 proposal saying it "still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects".