British brewing company SABMiller (Xetra: BRW1.DE - news) 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 ($101 billion, 90 billion euros), 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 percent to 3,650.50 pence in morning deals on London's FTSE 100 index, which was 0.06 percent 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.