Brewer SABMiller on Wednesday said its board had “unanimously rejected” the third takeover offer from rival AB InBev, insisting it “substantially” undervalues the group.
“The board, excluding the directors nominated by (biggest shareholder) Altria Group Inc., has unanimously rejected” the improved 68-billion-pound ($103-billion, 92-billion-euro) offer “as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects”, said a statement.
SABMiller added that its statement was released “without the prior agreement or approval of AB InBev”.
The world’s biggest brewer, Anheuser-Busch InBev, announced Wednesday an improved takeover offer worth 42.15 pounds per SABMiller share.
The Belgian-Brazilian giant, which brews Budweiser, Corona and Stella Artois, had earlier said it was disappointed that SABMiller had rejected its two previous lower-priced offers “without any meaningful engagement”.
It had yet to react to news of the third rejection.