SABMiller Plc rejected an informal takeover offer from Anheuser-Busch InBev of about 66.4 billion pounds ($100 billion) that it considered too low, according to people familiar with the matter.
The initial proposal to the brewer, made last week, was worth slightly over 40 pounds a share. Company executives and shareholders say a deal at closer to 45 pounds would represent a fair value. A deal at 45 pounds per share would value SABMiller at about 73 billion pounds, and would be the largest merger this year.
London-based SABMiller communicated to A-B InBev the terms at which it would be willing to negotiate after the rejection. No final decision has been made on a potential formal offer, and it’s possible the brewer may walk away from a deal.