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[JOHANNESBURG] The fourth largest shareholder in SABMiller on Monday rejected Anheuser-Busch InBev's US$100 billion takeover offer as too low. "We have confidence in the board and we will rely on their judgement. They have said the price is too low and we agree with them," said Dan Matjila, chief executive of Public Investment Corporation, which owns about 3 per cent of SABMiller.