ST. LOUIS — SABMiller on Wednesday rejected Anheuser-Busch InBev’s latest takeover proposal, a $104 billion offer that would create a global beer giant controlling nearly a third of the world’s beer sales. SABMiller said the offer undervalued the company.

It was the third recent offer by A-B InBev to SABMiller’s board, and the third rejected. Two proposals were made privately in mid-September; A-B InBev made the third publicly on Wednesday, showing it is determined to complete a deal.

Belgium-based A-B InBev’s latest cash offer is 42.15 pounds ($64.35) per SABMiller share – higher than its prior private bids of 38 and 40 pounds. The latest offer is 44 percent higher than SABMiller’s mid-September closing price on the day before speculation emerged about a deal.

The latest $104 billion offer “very substantially” undervalues the No. 2 global brewer, SABMiller’s chairman Jan du Plessis said in a statement. “SABMiller is the crown jewel of the global brewing industry. A-B InBev needs SABMiller but has made opportunistic and highly conditional proposals, elements of which have been deliberately designed to be unattractive to many of our shareholders.”

A-B InBev CEO Carlos Brito said Wednesday that he was disappointed SABMiller’s board rejected its bid to make the world’s “first truly global beer company.”


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