[LONDON] British brewing company SABMiller has rejected an informal takeover offer from Belgian-Brazilian giant AB InBev, the world's biggest brewer, Bloomberg News said Tuesday.
SABMiller has snubbed the bid, worth £66.4 billion (S$144 billion), arguing it was too low, the agency reported citing people familiar with the matter.
The initial offer was worth just over £40 per share, but some shareholders wanted closer to £45, according to Bloomberg.
In reaction, SABMiller's share price sank 3.02 per cent to 3,650.50 pence in morning deals on London's FTSE 100 index, which was 0.06 per cent lower at 6,295.29 points.
A potential deal would bring together AB InBev's Budweiser, Corona and Stella Artois beers with SABMiller's Foster's, Grolsch and Pilsner Urquell.